Gold markets fell flat on the day for Thursday after originally rallying. The market is absolutely weak at this point, and it looks as if the next move
Gold markets fell flat on the day for Thursday after originally rallying. The market is absolutely weak at this point, and it looks as if the next move will still be lower as the Thursday candle is a shooting star. The $1,500 level looks to be the next support area that the market will test. At that area, if we find support, we would be willing to buy. The selling of gold isn’t encouraged as the trend for the last ten years is up, and we don’t like going against longer-term trend like that.
Gold Forecast December 16, 2011, Technical Analysis
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.
