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.
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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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