Gold Prices October 11, 2012, Technical Analysis

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The gold markets fell precipitously during the session on Wednesday as appetite for risk diminished. However, we are sitting just above the $1760 level, which has been supportive over the last couple of weeks. In fact, there is a hammer from two weeks ago that shows support all the way back to $1740, and as such we feel that this market only has a limited amount of downside.

With this in mind, we are buying supportive candles as they appear in this marketplace as we believe in the long-term story for gold. With central bank such as the Federal Reserve printing is much currency as they can, gold will eventually go much, much higher.

 

Gold Prices October 11, 2012, Technical Analysis

Gold Prices October 11, 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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