Gold Prices October 18, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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Gold markets rose off of the bounce that we saw at the 1740 level on Wednesday. The Tuesday session provided is live, and Wednesday was simply follow through. However, it does look like we have broken down below some type of consolidation, and as such we expect this market the fall a bit.

In the big scheme of things, this is of course a small time pullback, and will bring in more sellers. As this is the case, we are very patient and waiting to see that supportive action at the end of the day it would have us feel like risking are trading capital in this market. As for selling, we see absolutely no reason to do so.

 

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