Gold Prices for the week of September 10, 2012, Technical
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The gold markets shot straight up during the previous week after forming a hammer the week before. It now looks as if the 1006 or $40 level is the new floor to the markets, and that we are aiming essentially for the $1800 level. With central banks around the world printing currency, it’s hard to believe that the gold markets will do anything but go up over time.
With this in mind, we are buying on pullbacks, as we see this market going much higher than current levels. We believe that we are targeting $1800 currently, and will eventually hit $2000 an ounce. As for selling, there is simply no reason to do so.
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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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