Gold Prices August 31, 2012, Technical Analysis

By FX Empire Analyst - Christopher Lewis
Font Size
Get Forex buy/sell signals directly to your email and by SMS.
To learn more click here

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

Want to read more articles like this one?

Get the latest fundamental analysis, technical analyses and the most up-to-date news catered to your interests, everyday.

* Please enter a valid email

Activation link was sent

An activation link has been sent to your E-mail.
You will start getting emails only after activating your account.

Find a Broker
Continue to FX Empire Network