Gold Prices Forecast October 4, 2012, Technical Analysis
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The gold markets did very little during the session on Wednesday as the traders took a bit of a break. The $1780 level seems to be the beginning of a massive resistance area all the way up to $1800, and as such it looks like it will take some work to get through this resistance band. However, with the Federal Reserve stepping on the gas as far as easing is concerned, and the jobs number coming out on Friday, we could see a catalyst over the next couple of sessions.
We have no interest in selling gold, it’s just too valuable at this point time. The US dollar continues to be worked against by the Federal Reserve, and as long as that’s true gold should continue to rise. We are buying pullbacks in the gold market, via the futures and options markets as well as holding a long-term GLD position as the ETF allows us to have great exposure without a lot of massive leverage.
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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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