Gold Prices October 2, 2012, Technical Analysis
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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.
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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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