The gold markets did almost nothing during the session on Wednesday, but did manage to remain above the vital $1280 level. This area has been supportive
The gold markets did almost nothing during the session on Wednesday, but did manage to remain above the vital $1280 level. This area has been supportive lately, as it was once resistance. That makes sense, so we are looking for buying signals down here, but don’t have them at the moment. A supportive candle in this general vicinity is enough to start buying, and we believe that the market would attempt to go back to the $1330 level relatively soon. A break above there should see the market heading towards the $1400 level, but expect a lot of choppiness between here and that level.
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.
