Gold Prices July 16, 2012, Technical

Get Forex buy/sell signals directly to your email and by SMS.
To learn more click here

Gold markets rose during the Friday session, as all things risk related did. This was more or less a relief rally on global exchanges as the safety trade had been so overextended. With the summertime volumes being fairly light, we don’t expect any type of massive breakout and would suggest that the $1640 level should continue to be resistive.

On the other hand, we see the 1540 level as support. We think that this market can be bought or sold at the extremes of this consolidation area. It seems very unlikely that were going to see a significant breakout in one direction or the other until the summer is over. With this in mind, we are bullish of gold for the next day or two, being careful to take profits near the $1625 level. As for selling, we will do it from up in that general vicinity.

Gold Prices July 16, 2012, Technical

Gold Prices July 16, 2012, Technical

Want to read more articles like this one?
Enter your e-mail address and read FX Empire content directly from your inbox.
We value your privacy. Your e-mail address will not be shared.
About: FX Empire Analyst - Christopher Lewis

Christopher is a part of the 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.

  View all of FX Empire Analyst - Christopher Lewis's Articles    
Share Your Thoughts: Post a Comment

Your email address will not be published.