Gold Prices September 13, 2012, Technical
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The gold markets attempted to rally during the Wednesday session, but fell flat and formed a shooting star just under the $1750 level. In fact, it is at that level where we really started to see sellers step back in. Nonetheless, we are still bullish on the gold market, and think that any weakness at this point time will simply be an invitation to buying this market at lower prices.
After all, superbikes around the world are easing and even if the Federal Reserve disappoints with monetary easing later today, there are plenty of support banks out there willing to pick up the slack. Because of this, we think that any fall the finds support at the $1700 level as well as the $1650 level are screaming buys.
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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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