Gold Prices September 12, 2012, Technical
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Gold markets rose slightly during the Tuesday session as we are currently a bit overextended in general. Having said this, a pullback could be coming but we see quite a bit of support between the $1650 level, and the $1700 level. Anywhere in that general vicinity we are comfortable buying supportive candles. Of course, the markets could spike beyond where we are now, but we would feel much better if we had a little bit of a pullback so that the rest of the market can catch back up with the long positions we already have on.
As for selling, there’s absolutely no situation where we are interested in selling gold at the moment. Granted, if the Federal Reserve disappoints on Thursday as far as stimulus or quantitative easing is concerned, we could see a falling gold prices but more than likely would only be met with support before was all said and done, and provide a nice buying opportunity.
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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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