Gold markets fell hard during the session on Friday, breaking below the 1180 level, an area that has been rather supportive. Now that we have done this,
Gold markets fell hard during the session on Friday, breaking below the 1180 level, an area that has been rather supportive. Now that we have done this, we feel that the market will probably head to the 1150 level, and as a result we remain bearish. The market should continue to find support in that area though, so we think this is more or less going to be a short-term selling opportunity. Ultimately, the market should continue to bounce from time to time, as the volatility in the gold markets continue. We recommend keeping position size small.
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.
