Gold markets initially tried to rally during the day on Wednesday, but found enough resistance of the $1080 level to turn things around and form a fairly
Gold markets initially tried to rally during the day on Wednesday, but found enough resistance of the $1080 level to turn things around and form a fairly negative looking candle. Ultimately, the market should break down and as a result we are sellers every time it rallies. Once we get below the $1050 handle, we believe that the market will then reach towards the $1000 level. We have no interest whatsoever in buying this market, as the US dollar continues to be one of the strongest members in the Forex world and of course will continue to put pressure on precious metals.
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.
