September 8, 2012

Gold Price Forecast 2012

Gold Price Forecast 2012

Gold Chart September 2012
"We think we know where it is going. Right?"


After fallen from its all time high 52 weeks ago, it is now trying to regain its strength with high speed acceleration. 

It is already 3 weeks since mid Aug, that gold maintain its bullish momentum. The technical view some resistance around USD 1750, 1790/1800 and above. But for now, there are no sign of potential reversal so it is still safe to build long position with relevant stop loss. 

The nearest support is at around the round number of 1700, as it is running at 1738 the moment I write this post. Below, I expected the 1650 (EMA 21 on daily timeframe) to provide strong support.

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About ArrowFX

Technically analyze the forex market mainly on USDJPY, EURUSD and GBPUSD by using market rhythm method started by Philip Nel on Forex Factory. The thread started on 2007 and still alive.
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