Gold markets fell during the session on Wednesday, testing the $1200 level for support. With that, the market bounced enough to form a hammer and it
Gold markets fell during the session on Wednesday, testing the $1200 level for support. With that, the market bounced enough to form a hammer and it appears that the market is trying to break above the $1220 level. However, we remain in consolidation until we break above the $1220 level, or below the $1180 level. Because of this, we are on the sidelines as we recognize this as being a scalpers market at best. Short-term traders could play this market back and forth, but quite frankly we would prefer to see some type of impulsive candle to get involved.
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.
