The gold markets went sideways during the day on Wednesday, as we continue to juggle around the $1340 level. I believe that there is a significant amount
The gold markets went sideways during the day on Wednesday, as we continue to juggle around the $1340 level. I believe that there is a significant amount of support below due to the gap from a couple of sessions ago, and therefore I believe that a “buy on the dips” mentality exists. The $1350 level above will be a bit of a barrier, but I think once we break above there the market will make a significant move towards the $1400 level. That is a significant barrier, but given enough time I think we could break above there as well as the US dollar continues to struggle.
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.
