Gold markets show resiliency during the session on Monday

Gold markets pulled back during the trading session on Monday, reaching down towards the $1327 level. We bounced enough from there to show signs of support, and of course a certain amount of resiliency continues to be what we see in the gold markets.
Christopher Lewis
Gold daily chart, April 10, 2018

Gold markets pulled back slightly during the session on Monday but continue to find support as buyers get aggressive occasionally. I think that the $1350 level above will be massive resistance, and it’s not until we break above there that I think you can put lot of money to work. In the short term, I think that small positions will be the best way to play this market, as gold continues to see a lot of selling pressure above. I think that if we break above the $1360 level, it’s likely that we go to the $1400 level after that. I like buying dips in general, but I also recognize that gold will be volatile due to the conversation between China and the United States, and it’s knock on effect in the global risk appetite. I believe that the $1300 level below is a massive “floor” in the market, and I think that if we can stay above there, the market is going to continue to find plenty of buyers. If we did breakdown below there, it would be a negative sign, but I think it read more of a “reset” than anything else.

If we can break above the $1400 level, and then sends this market into a “buy-and-hold” scenario, but it is going to take a long time to get there, so I’m not holding my breath for this to happen soon, and will look for short-term trades in the meantime, as it’s all the market is offering.

Gold Outlook Video 10.04.18

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US