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.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
