Gold Prices August 24, 2012, Technical Analysis

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The gold markets continued to move higher during the Thursday session as the fiat currencies around the world are being trusted less and less. In fact, we broke the top of a shooting star from the Wednesday trading session in order to print a nice green candle for the Thursday session. This is without a doubt a bullish sign, and it appears now that the market is willing to take on the $1680 level.

However, we did see a bit of noise in this general vicinity, so it should provide an opportunity for some type of pullback. If we get this pullback, the $1640 level more than likely will be support and would be an excellent place to buy a position if you are not currently involved in the gold markets.

The $1700 level looks to be like a fairly decent size barrier, and the fact that we have shot straight up over the last five or six sessions to simply suggests to us that we need to see a bit of a pullback. With this in mind, we are buying pullbacks that show support.

 

Gold Prices August 24, 2012, Technical Analysis

Gold Prices August 24, 2012, Technical Analysis

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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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