Gold Prices September 21, 2012, Technical Analysis

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The gold markets fell slightly during the Thursday session, but bounced in order to form a shooting star. We now seem to be finding support at the $1750 level, and as such it looks like we may continue sideways instead of pulling back. This happens in an extremely bullish environment, and gold is most certainly that.

We still believe in buying gold over time, and have a long-term “core position” in the GLD ETF. We buy futures when we pulled back and find support, and also buy physical gold as well in those particular circumstances. We have absolutely no reason to sell this market, and certainly won’t do it until we break back down below the $1500 level – something that won’t be happening anytime soon.

Gold Prices September 21, 2012, Technical Analysis

Gold Prices September 21, 2012, Technical Analysis

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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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Ilja

I’m a turbo trader myself and i missed the boat of the ascending traingle on gold. I only trade gold . (I do have it in a demo acocunt, which makes i worst, so many profits i missed).

I totally out of the market at the moment. I’m afraid to go long on gold, since it had such a boost. Would should i do?? I’m a short term (one week max.) trader.