Gold Prices October 5, 2012, Technical Analysis

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The gold market rose during the session on Thursday as the $1790 level was tested for resistance yet again. It looks like we are desperately trying to get above the $1800 level, and as such we will need to chew through this mass of resistance above. However, this market is so bullish that we hesitate to do anything that would suggest selling, and this a result we have been buying pullbacks. We will continue to do so as long as these conditions persist.

It isn’t until we get well below the $1740 level that we begin to worry about the trend. Even there, we are not interested in selling as the move has been so strong overall. If we get a daily close above the $1800 level however, this would be one of the most bullish signs we could see and we would not only buy gold, we would begin adding aggressively.

 

Gold Prices October 5, 2012, Technical Analysis

Gold Prices October 5, 2012, Technical Analysis

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About: FX Empire Analyst - Christopher Lewis

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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