Gold markets did very little during the session on Friday as we continue to meander around the $1230 level. With that, it’s likely that the markets are
Gold markets did very little during the session on Friday as we continue to meander around the $1230 level. With that, it’s likely that the markets are simply taking a break after initially falling from the $1250 level. The weekly chart formed a shooting star, so if we can get below the $1220 level, we feel that this market will start to break down yet again. Longer-term, this market looks very bearish so we are much more comfortable selling at this point now that we have formed this shooting star on the weekly chart, as the US dollar continues to work against the value of precious metals.
Gold Forecast October 27, 2014, 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.
