Gold Prices for the week of October 8, 2012, Technical Analysis

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The gold markets had a relatively tight range for the previous week, as we consolidate just below the $1800 level. This market looks like it’s ready to take a rest and this of course makes sense considering how much the market has ran up over the course of the last month and a half. However, this does not change her outlook, and it does not change our look at the $1800 level as a significant hurdle to clear.

If we could manage to get up close above the $1800 level, it would make sense that this market would first run to $1900, and then to $2000. This won’t necessarily happen overnight, but this is without a doubt what we believe will happen over time. As for selling gold, we will not do it until were well below the $1500 mark, something that isn’t anywhere near current levels.

 

Gold Prices for the week of October 8, 2012, Technical Analysis

Gold Prices for the week of October 8, 2012, Technical Analysis

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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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