Gold Prices Forecast March 4, 2013, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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The gold markets fell slightly at the end of the session on Friday after going back and forth over the course of the day. We still see the $1550 level is offering support, so it appears that the market has no actual bid to it right now, but it simply isn't week enough to collapse at this point. We also believe that the real support is down at the $1500 level, and because of this we think that a supportive candle somewhere in this general vicinity could be good enough to have a shot at bouncing. In the meantime though, we think that until we get below $1500, it will be difficult to short this market.

 

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