Gold markets broke higher during the course of the day on Thursday, but we think there is still a significant amount of resistance near the $1100 level.
Gold markets broke higher during the course of the day on Thursday, but we think there is still a significant amount of resistance near the $1100 level. Because of this, we have no interest whatsoever in buying, and we feel that the market is going to continue to sell off every time it rallies. All we are looking for some type of short-term resistive candle in order to start shorting the gold market, as we should reach down towards the 1000 level given enough time. We have no interest in buying this market right now, and as a result we remain vigilant.
Gold Forecast November 20, 2015, 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.
