Gold Prices September 11, 2012, Technical

Posted September 11, 2012 5:50 (GMT) | By FX Empire Analyst - Christopher Lewis | Print | Font Size
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The gold markets fell slightly during the Monday session in order to take a breather. After breaking above the $1700 level on Friday, the market is more than likely going to pull back to that general vicinity to look for support. We are still very bullish on the gold market, but think that the latest move needs a small correction in order to collect more buyers.

In fact, we have absolutely no reason to short this market at this point time. It simply comes down to finding nice supportive candles from which to buy. We still believe that $2000 an ounce is very doable, and probably coming sooner than most people believe.

Gold Prices September 11, 2012, Technical

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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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