Gold Prices September 26, 2012, Technical Analysis

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The gold markets attempted to rally during the session on Tuesday, but were met with fairly strong resistance and ended up forming a shooting star. We are still sitting above the $1760 level, which of course has been showing support lately. Because of this, we aren’t ready to start shorting this market, especially when look at in the light of the big picture.

This market is most definitely in a bullish trend, and as such we certainly look at these potential falls in pricing as “gold going on sale.” In other words, we will buy supportive action as it appears as this market has been so strong for well over a decade now.

Because of this, we are currently flat of this market but are more than willing to buy as it falls it shows sport right around certain areas such as $1740, $1700, and $1680 as well.

 

Gold Prices September 26, 2012, Technical Analysis

Gold Prices September 26, 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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