Gold markets have absolutely exploded to the upside during the course of the day on Monday, testing the $1200 level. By doing so, the market looks as if
Gold markets have absolutely exploded to the upside during the course of the day on Monday, testing the $1200 level. By doing so, the market looks as if it is ready to continue going higher, but we may need to pull back a little bit in order to find enough momentum to continue. After all, we are a bit overextended at this point, but the gap from the open on Monday should offer enough support to turn this market back around given enough time. We are bit hesitant to buy here though, because we think that it’s gone a little bit too far in such a short amount of time to be trusted.
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.
