Gold markets fell significantly during the session on Wednesday as talk of a tax deal hit the wires. While we haven’t actually seen one, by breaking down
Gold markets fell significantly during the session on Wednesday as talk of a tax deal hit the wires. While we haven’t actually seen one, by breaking down below the bottom of the range for the previous session, this is a negative sign. The $1320 level has offered a little bit of support, but I think there is even more support below at the $1300 level. That being the case, I think that we may see a little bit more bearish pressure, as the US dollar could find itself gaining. However, I would anticipate that the $1300 level below will hold. Longer-term, we still have a gap from Monday that needs to be filled.
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.
