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Gold Prices December 5, 2012, Technical Analysis

By:
Christopher Lewis
Updated: Aug 21, 2015, 00:00 UTC

The gold markets fell precipitously during the session on Tuesday, as the $1700 level was broken through to the downside. However, we close just a few

Gold Prices December 5, 2012, Technical Analysis

The gold markets fell precipitously during the session on Tuesday, as the $1700 level was broken through to the downside. However, we close just a few dollars below that, and it suggests that there is quite a bit of support in the general vicinity. We also see quite a bit support right around the $1680 level, and think that buyers will step into the market at that point time. If we managed to break down below there, that’s when a selloff really could pick up steam. Below that area, we see $1650 as support, as well as $1600. However, on the very first signs of support – we are indeed buying.

 

Gold Prices December 5, 2012, Technical Analysis
Gold Prices December 5, 2012, Technical Analysis

About the Author

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.

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