Articles
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Gold Prices April 22, 2013, Technical Analysis
The gold market rose during the session on Friday, break above the $1400 level briefly, but did managed to find enough resistance above that level in order to push prices back down below it. The resulting candle is a shooting star, and this does suggest that perhaps we will see more downward pressure, which of course makes sense after seeing the massive selloff. It looks to us that the $1300 level is rather supportive, so we will be watching this market closely, but we are a bit hesitant to start selling considering that the Thursday candle was a hammer, and when you start seeing hammers and shooting stars right next to each other, that normally means a lot of choppiness.
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