Gold markets broke down during the week, slicing through the $1300 level. By closing towards the top of the weekly candle, it suggests that we are in fact
Gold markets broke down during the week, slicing through the $1300 level. By closing towards the top of the weekly candle, it suggests that we are in fact going to continue to go to the upside. I look at pullbacks as buying opportunities, as the market should then go towards the $1350 level above. I believe that $1300 level underneath should be massively supportive, so I would look at that as a potential value play. Longer-term, the market should then go to the $1400 level, based upon the size of the consolidated area we just broke out of.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
