Gold Prices for the week of August 20, 2012, Technical

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The gold markets had a fairly subdued week over the last five sessions, but this has been the pattern most of the summer. The liquidity just isn’t there and as such the moves have been fairly small. It should be noted however that the lows from the daily sessions are getting higher over time and it looks like we are forming an ascending triangle.

Based upon the daily charts, we have the $1640 level as resistance in this market that needs to be overcome in order to go long. On a daily close above that level, we are willing to buy and hold until we see at least $1700, and more than likely $1800. As for selling the market, we see absolutely no reason to do so until we close on the daily chart below $1500.

Gold Prices for the week of August 20, 2012, Technical

Gold Prices for the week of August 20, 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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