Gold Prices August 27, 2012, Technical

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Gold markets had a fairly quiet session on Friday, but given the fact that they have risen so far in such a short amount of time, it makes sense that perhaps traders would be willing to take a little bit of a break right before the weekend.

Looking at the markets currently, we think that the $1640 level should offer support now, and as such we think that pullbacks to this general vicinity that show support are great signals to buy gold. In fact, given a longer-term perspective one could to simply buy gold wherever they want and hang onto it. There seems to be no particular reason to short this market, and as a result we are looking to buy dips going forward.

Gold Prices August 27, 2012, Technical

Gold Prices August 27, 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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