Gold Prices for the week of July 16, 2012, Technical
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The gold markets had a fairly calm week all things considered over the last five sessions. The market is showing obvious support at the $1550 area, which when zoomed in on shows a significant amount of support just below at the 1540 level also. The recent action over the last year, does suggest that we were trying to form some type of triangle but we have certainly gone far too sideways for consideration of that shape anymore.
It now looks as though we are trying to build some type of base in this area, and as such we prefer buying. We think that the markets will have to break down below the $1500 level in order to get bearish for the long-term. However, if we get above the $1650 level we are willing to go along of this market and aim for the $1800 level. In the meantime, we think a lot of choppiness will continue.
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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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