Gold markets rose again for the Tuesday session as the $1,600 level was broken to the upside again. The area should be the top of a significant support
Gold markets rose again for the Tuesday session as the $1,600 level was broken to the upside again. The area should be the top of a significant support zone, and the recent selloff was far overdone in our opinion. However, there is low volume in the market now, and it will be difficult to figure out if this is a real move, or a low volume short covering rally. With this in mind, we are cautiously optimistic. The buying of this contract can be done for a short term trade. The $1,500 level is the bottom of the support zone, and anything under that has us very concerned about the bullish uptrend we have seen over the last several years.
Gold Forecast December 21, 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.
