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Gold Bullion Prices Testing Important Level

By Chris VermeulenCommoditiesJul 27, 2012 01:17AM ET
www.investing.com/analysis/analysis/gold-bullion-prices-testing-important-level-131059
Gold Bullion Prices Testing Important Level
By Chris Vermeulen   |  Jul 27, 2012 01:17AM ET
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The past 48 hours the stocks market has been on verge of a major meltdown in my opinion. The people with power who manipulate the markets are trying their hardest to hold prices up.

Yesterday we saw rumors about the Fed I the WSJ that they wanted to do more easing ASAP. That news could not have come at a better time as it saved the day/markets from more heavy selling. That news also helped prop gold bullion prices up.

Take a look at the 4 hour candle stick chart for a visual:

StimulusRumor
StimulusRumor

Now look at what Mario Draghi’s comments have done with spot gold prices in the daily chart below:

Gold is not nearing key resistance but the recent move up has been on nothing but rumors and comments… nothing set in stone. This makes me think sellers will continue to control gold prices as we near resistance.
July Gold
July Gold

When gold does breakout of this pattern I expect we see $2300 level reached.

Gold Bullion Prices Testing Important Level
 

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Gold Bullion Prices Testing Important Level

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