Gold Prices September 4, 2012, Technical
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The gold markets had a positive session on Monday, despite the fact that the Labor Day holiday in the United States made volume shrank. The massive positive bar that we saw on Friday certainly signals to us that gold wants to continue higher and quite frankly through this $1700 level. In fact, we are more than willing to buy at this point or pullbacks as we see nothing but good sign for the gold market going forward.
Some of our targets include the $1800 level, the $2000 level, and beyond. As for selling, we wouldn’t bother with it at this point in time as this market seems far too strong in the Federal Reserve does in fact look ready to continue easing its monetary policy. In fact, it isn’t in till we get below the $1500 level that we are willing to consider selling this market.
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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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