Gold Prices October 1, 2012, Technical Analysis

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The gold markets had a very quiet session on Friday as the market simply consolidated. We finished basically unchanged, but we are sitting at the 1780 area, which of course has been the most recent resistance.

We can see now that the $1740 level looks very supportive, and as such we think that this market does in fact go higher. We think it’s only a matter of time before we see the $1800 level, and as such on a break of the Friday highs, we are willing to go long gold in various forms.

 

Gold Prices October 1, 2012, Technical Analysis

Gold Prices October 1, 2012, Technical Analysis

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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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