Gold Prices July 19, 2012, Technical

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The gold markets fell during the session on Wednesday, but remain in a fairly tight trading range as the markets simply have no new news to move upon. We are still stuck between the $1540 level, and the $1640 level. Because of this, we are very cautious to trade this market as it seems very choppy at this moment in time and seems to be looking for a catalyst to break out.

In summer trading, we need to look at this as a range bound market predicated mainly upon the fact that many traders will be gone. Because of this, we can advocate buying closer to $1540 and selling closer to the $1640 levels. Until we break out of this range, all trades should be closed by the end of the day and only taken at the extremes of the range.

Gold Prices July 19, 2012, Technical

Gold Prices July 19, 2012, Technical

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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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