Gold Prices August 31, 2012, Technical Analysis

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The gold market had a fairly neutral session as the market closed essentially flat at the end of the Thursday trading day. The $1656 level is where we ended, which is essentially midway between them lows and highs of the very tight session. We still see the $1640 level as potential support as it was once the resistance that kept an ascending triangle from breaking out.

We believe that we still have a little ways to go to the downside, but are more than willing to buy supportive candles in this general vicinity. We don’t think that gold is able to be sold until we break down below the $1500 level. Because of this, we are essentially in a “buy only” mode. We will continue to buy on dips as we raced towards the $1800 level over the long run.


Gold Prices August 31, 2012, Technical Analysis

Gold Prices August 31, 2012, Technical Analysis

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About: FX Empire Analyst - Christopher Lewis

Christopher is a part of the 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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