The Friday session saw gold regain some of its losses for the week, albeit in a very small way. The session actually broke the top of the shooting star on
The Friday session saw gold regain some of its losses for the week, albeit in a very small way. The session actually broke the top of the shooting star on Thursday, and could be the start of a possible bounce as a breaking of that top signifies at least some interest in buying the yellow metal. The long-term trend is still up, but the move recently has been brutal. We are waiting to see another day or two of calm before we buy again. The support level extends all the way down to $1,500 or so, and as a result we could see support here – meaning we won’t buy.
Gold Forecast December 19, 2011, Technical Analysis
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
