The gold markets fell initially during the course of the week, and then just kept driving lower. We managed to break down below the $1200 level during the
The gold markets fell initially during the course of the week, and then just kept driving lower. We managed to break down below the $1200 level during the Friday session, as the nonfarm payroll numbers came out much stronger than anticipated driving the value the US dollar higher. With that, the market should continue to go much lower, heading to the $1000 level. At this point time, this market is one that you can only sell, and we have no interest whatsoever in buying this market. With that being the case, we believe that gold will be hammered.
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.
