Gold markets fell on Monday, after initially trying to rally at the open. A turnaround against the initial move continues the longer-term downtrend. The
Gold markets fell on Monday, after initially trying to rally at the open. A turnaround against the initial move continues the longer-term downtrend. The market seems to be testing the $1150 level below, and quite frankly I feel that every time we rally the sellers will come back as the real support can be found down at the $1100 level. Because of this, I look at short-term charts for an opportunity to sell again and again. I think that buying gold is all but impossible at this point, and quite frankly I would not be overly surprised if we reach the $1000 level longer term.
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.
