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
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.
