The gold markets rose during the course of the week, but found the $1250 level to be resistive enough to keep the market down. The resulting candle is a
The gold markets rose during the course of the week, but found the $1250 level to be resistive enough to keep the market down. The resulting candle is a bit of a shooting star, and we feel that the sellers will come back into the marketplace to push the market lower. Ultimately, we believe that the market will test the $1200 level yet, but short-term traders will probably be the one to benefit the most from this set up in the gold market. Ultimately though, if we break down below the $1200 level on a weekly candle, we feel that the market goes down to the $1000 level.
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.
