Gold Prices July 31, 2012, Technical

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The gold markets did very little during the Monday session, and this makes sense considering that there are several major economic announcements coming later this week. With the ECB set to announce some type of easing, and the United States releasing its job numbers, it makes sense that the gold markets may take a bit of a rest.

Adding to this is the fact that we are currently sitting just under the $1640 level, which of course is massive resistance. It is on a daily close above that level that we choose to go long in this market, and it looks less and less likely that we will be able to sell under any circumstances.

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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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