Gold Prices October 2, 2012, Technical Analysis

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By FX Empire Analyst - Christopher Lewis
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The gold markets moved higher during the session on Monday, but were turned away just under the $1800 level. However, the shooting star doesn't deter us from being bullish in this market; rather it suggests to us that we will continue to consolidate from the $1740 level to the $1800 level.

Looking forward, we believe in holding long-term the ETF known as GLD, which of course is a conglomeration of gold futures contracts without all of the leverage. This allows you to be long of gold in a very convenient and safe way as a trade much like a stock. When we see signs of support, we buy futures as this gives us a bit of a boost as far as the return is concerned. We also highly recommend physical gold if you can get your hands on it. As for selling gold, we simply will not do it.

 

Gold Prices October 2, 2012, Technical Analysis

Gold Prices October 2, 2012, Technical Analysis

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