Gold Prices October 22, 2012, Technical Analysis
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The gold markets fell precipitously during the session on Friday as the “risk off” trade came back into play. You will notice however, that we stopped at the $1720 level which is the beginning of a series of support levels that could keep this market higher. In fact, we still believe in the bullishness of the gold markets, and are simply looking for supportive candle from which to buy at this point time.
It should be said however, that the $1800 level is the top of the rather large congestive and consolidate of range that this market has been and. In other words, we could actually go as low as $1550, and still be in a somewhat bullish trend. With this being said, we are looking for supportive candles and will not hesitate to buy, as the gold markets and the precious metals both look good over the long term.
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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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