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Commodities Briefing - Categorized | Bullion/Gold, Price Watch more

Gold about to break out toward $2,000

Posted on 05 October 2012

As a result of the recent barrage of aggressive central banking action, October gold futures are not only making new 2012 highs, but are also approaching a key technical level: While not a technical top, the $1,790-$1,800 region has acted as an area of strong resistance since November.
After bottoming around $1,530, gold moved in a sideways pattern in which a series of higher lows were made before the commodity broke out above $1,600 on QE3 speculation. Over the past three weeks, gold has been in another consolidation pattern between $1,760 and $1,780………………………………………..Full Article: Source


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VRS - who has written 38089 posts on Opalesque Commodities Briefing.


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