Gold markets initially fell during the day on Wednesday, but found enough support at the $1100 level to turn things back around and shoot much higher.
Gold markets initially fell during the day on Wednesday, but found enough support at the $1100 level to turn things back around and shoot much higher. With that, we feel there is more than enough resistance above to keep this market down though, so we don’t have any interest in buying for any real length of time. Short-term buying opportunities may persist, but that’s about it. Ultimately, we feel that the $1150 level will be resistive, so we will be much more aggressive on a resistant candle in that general vicinity. This could just simply be a bit of a relief rally.
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.