Gold Prices October 10, 2012, Technical Analysis
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The gold markets fell fairly hard during the session on Tuesday as the market sold off risk around the world. However, there is a hammer based upon the level just below that should continue to support the market. We see support all the way down to the $1740 level, and as such we are willing to look for that supportive candle.
Once that support comes into play, we are more than willing to go long as gold is in a nice uptrend. We have no interest in selling this market, is far too strong for that overall. If we managed to get that supportive candle, that would be enough in our minds to go long.
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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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