Gold markets initially fell during the course of the session on Monday, but then turned back around to test the $1110 region. However, this is the top of
Gold markets initially fell during the course of the session on Monday, but then turned back around to test the $1110 region. However, this is the top of the resistance, so we will have to wait and see whether or not we can break above the $1110 level. If we do, the market could bounce significantly and head towards the $1150 level over the longer term. On the other hand, if we form a negative candle, we believe that this would be a perfect area to start selling gold yet again as the downtrend is so strong.
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.
