Gold Prices August 17, 2012, Technical Analysis
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Gold markets had a positive session during the Thursday trading day, only to fall just short of the buffer zone of resistance above. However, we are starting to see a continuation of the “higher lows” pattern that we have had recently. This is looking more and more like an ascending triangle, and as such we see a breakout above the $1640 level as being massive in its implications.
Needless to say, we are more than willing to buy gold on a breakout above that on the daily chart. As for selling the yellow metal, we see actually no point when it until we get below the $1500 mark. We are ready to trade quite yet, but it should be said that the time is coming.
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Christopher is a part of the FXEmpire.com analysis team. He writes Forex and Commodities technical analyses on daily and weekly basis. Christopher writes his analyses in a professional and yet simple to understand manner. His analyses are available in both text and videos.
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