Gold markets initially tried to rally during the course of the week but found resistance above the $1280 level and turned right back around. We fell down
Gold markets initially tried to rally during the course of the week but found resistance above the $1280 level and turned right back around. We fell down towards the $1240 level, but found enough support there to stop falling. With this, it looks as if the market is testing serious support, which extends all the way down to the $1200 level. We don’t have a supportive candle to start buying, but we most certainly keep an eye out for one appearing. It is not until we break down below the $1200 level that we would consider selling.
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.
