Gold Prices August 22, 2012, Technical

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The gold markets had a bullish session on Tuesday, as the market attempted to break out and over the $1640 level. This is the area that we have been wanting for some time now, and would signal a break of the ascending triangle that this market has been forming since June. If this were to happen, we think this market would run all the way to the $1760 level and relative short order.

We are only buying gold at this point in time, and see the candle for the Tuesday session as our signal. On a break of the highs from the Tuesday session, we are more than willing to start buying gold again finally. We have been watching this for some time now, expected gold to rise overall once it was said and done, and now it looks like we’re finally getting that realization. As for selling gold, we would even consider it until we are well below the $1500 level.

Gold Prices August 22, 2012, Technical

Gold Prices August 22, 2012, Technical

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About: FX Empire Analyst - Christopher Lewis

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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