Gold Prices October 16, 2012, Technical Analysis

By FX Empire Analyst - Christopher Lewis
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The gold markets fell rather hard during the Monday trading session, as the $1740 level was tested. We closed the very bottom of the candle, and this of course makes us a little bit leery of buying the gold market at this point in time, but do recognize the fact that we are sitting on top of support.

Because of this, we need to see some type of supportive candle in order to go long, but we will be very patient. The daily candle will be our signal, and we do expect a lot of support between here and $1720, as well as all the way down to the $1640 level. Because of this, we are simply going to be patient, and wait until we get that signal.


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