Gold Prices September 14, 2012, Technical Analysis
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The gold markets shot straight up after the Federal Reserve announced further than anticipated measures to increase its monetary easing policy on Thursday. Looking at the markets, we have broken well above the $1750 level, and as such we feel that we are breaking out to the upside and will hit $1800 in the very short term. $1800 will be a bit of resistance, but we think that eventually we will head $2000 an ounce.
As for selling gold, it is absolutely not a possibility at this point. We see massive support at the $1740 level, the $1700 level, and the $1640 level. Because of this, we are simply not involved in selling gold under any circumstances. In fact, every time it pulls back, we are looking to buy more.
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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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