Gold Prices October 15, 2012, Technical

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The gold markets fell during the session on Friday after initially rising. The $1780 level has offered resistance yet again, and we ended up forming a shooting star at the bottom of the most recent range. Even though this candle formation looks relatively weak, we will not sell gold at all. In fact, we welcome any type of pullback as an excuse to start buying again.

When you look at gold of the longer-term charts, you can see that the market is definitely an uptrend, and as such we simply do not want to fight the overall move. We see any break down as an opportunity to buy at the $1740 level, the $1700 level, or even perhaps the $1650 level. All we need to see is a supportive candle in order to pick up gold “on the cheap.”

Gold Prices October 15, 2012, Technical

Gold Prices October 15, 2012, Technical

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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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