Gold Prices July 4, 2012, Technical
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The gold markets managed to push higher during the Tuesday session as open speculation on further easing around the world continues. Certainly, the Euro will be weakened over time, and it does appear that we could possibly see the Americans ease as well. Because of this, people are starting to buy gold again as the “risk on rally” continues.
We still see the $1640 level above as massive resistance. If the market can manage to close above the $1650 level, we would become very bullish of this market an expected to run to $1800 or so. As for selling, we simply will not do it in till we get below the $1500 mark.
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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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