Gold Prices July 3, 2012, Technical
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The gold markets barely move during the Monday session as traders had time to sit and digest the news from Friday. It’s hard to tell exactly what the gold market is telling us currently, as the lack of follow-through after Friday’s massive move higher would be a little disconcerting to some bulls. However, it has to be said that the market didn’t fall either. Because of this it looks like the gold market is simply in a “wait and see” mode at this point. This could be because of the nonfarm payroll announcement comes out on Friday, and as such we may have a very quiet week in the gold pits. With this in mind, we still would buy above the $1640 mark. However, we may not get that chance in the near term. Only on a break below the $1500 level would we consider selling. In the meantime we are simply flat of the gold market.
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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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