Gold markets initially tried to rally on Monday, but then turn right back around to start falling again. Even though it’s a fairly bearish move, we see so
Gold markets initially tried to rally on Monday, but then turn right back around to start falling again. Even though it’s a fairly bearish move, we see so much in the way of support below that is going to be very difficult to start selling, and quite frankly would prefer to start buying on signs of support or at least a bounce somewhere below. It is not until we break down below $1200 that we are comfortable selling. It doesn’t matter what happens in the meantime though, because we recognize is probably the only thing that you can count on.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
