Gold Prices August 28, 2012, Technical

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The gold markets had a negative session on Monday, after first gaining just slightly. However, it should be noted that the pullback was very slight and not much to worry the buyers. In fact, we actually hope that this market pullback closer to the $1640 level which we see as suggestive support. If we get that pullback and a supportive candle, we are more than likely going to become aggressively long of this market.

The candlestick for the Monday session looks a little bit like a shooting star, so this pullback may in fact. This is a binary type of signal level, and if we manage to break above the top of the range from Monday, this would be a buy signal in and of itself. So, having said this we are either going to go long on a break of the highs from Monday, or on the pullbacks that show support. As for selling gold right now, there is simply no reason to.

Gold Prices August 28, 2012, Technical

Gold Prices August 28, 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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