Gold markets fell significantly during the course of the week, testing the $1088 level. With this being the case, the market looks as if it is ready to go
Gold markets fell significantly during the course of the week, testing the $1088 level. With this being the case, the market looks as if it is ready to go lower, and if we can make a fresh, new low, we are sellers as we will more than likely reach towards the $1000 handle at that point. That is an area that was a source of major bullishness years ago, and at that point in time we would anticipate that perhaps the gold market could begin to think about turning around. However, in the meantime the strengthening US dollar will continue to work against the value of 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.
