Gold Prices July 2, 2012, Technical
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The gold markets had an extraordinary day on Friday as the commodity exploded $50 to the upside. The European Union seems to come up with at least something that the markets like, and as Spanish banks are going to be capitalizing it appears that the “risk on” trade is back in vogue at this moment in time. This of course leads to more gold buying, and as such the commodity spike wickedly to slam into the $1600 level.
It is the 1640 level that we see as massive resistance above the needs to be overcome. With the explosiveness of this candle, is very likely that we will see continued bullishness in this market but a pullback could be coming over the next day or two. Because of this, we are very cautious buying gold but we do know that we want to be on the buy side. In fact, unless we see a daily close below the $1500 level, we don’t see any signal to sell.
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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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