Gold Prices October 17, 2012, Technical Analysis

By FX Empire Analyst - Christopher Lewis
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The gold markets fell during the session on Tuesday, but got a bit of a bid right around the $1730 level. This bounce formed a hammer, which of course seems to base itself on the $1740 level. This is the site of a significant cluster from a couple of weeks ago, and as such we would expect to see a bit of support in this general vicinity. Because of this, and the bullish attitude we have ongoing general, we are going to be looking for buying opportunities.

We suggest that the breaking of the highs from the session on Tuesday would be that signal. In fact, we think it would begin a return to consolidation all the way up to just below the $1800 level. We of course recognizes as an uptrend, and are very confident in going long.


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