Gold Prices July 23, 2012, Technical
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The gold markets had a slightly bullish session on Friday, although the range seems to keep tight enough. There is a long-term down trending line that we are trying to approach, so it’s going to be difficult to see whether or not we can get out of this very tight trading range. On a move above the $1650 level, we think this is a screening buy. The selling of gold is going to be very difficult to do until we clear the $1500 level. This is simply because of the fact that it is a major psychological round number, and a ton of support is to be found at that we area. If we do however manage your below it – we would be aggressively short.
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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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