Gold Prices October 9, 2012, Technical
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The gold markets fell during the session on Monday, but found quite a bit of support in the general vicinity of $1775. This allows buyers to come into the marketplace as we see support all the way down to the $1740 level. Because of this, we are simply waiting for some type of supportive action from which to start buying gold again, as the trend is so strong to the upside.
Currently, we don’t see that signal but we know it will be coming relatively soon. This is because of all of the central bank easing worldwide, and the effect that it has on fiat currencies. With this being said we are buyers of gold and continue to hold the GLD ETF. This allows us to keep a “core position” in gold, without a lot of the volatility and leverage. When we drop and find support in this market, this is when we start buying gold futures, CFD’s, and physical metal. There is actually no reason to sell this market.
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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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