Gold markets fell initially during the course of the day on Tuesday, but found enough support at the $1110 level to turn things back around and form a
Gold markets fell initially during the course of the day on Tuesday, but found enough support at the $1110 level to turn things back around and form a hammer. The hammer of course is very bullish in general, and if we can break above the top of that hammer, it’s very likely we could bounce all the way to the $1150 level. That area should be massively resistive though, as it was previously supportive. On the other hand, if we can break down below the $1100 level, we feel that the market should then fall apart.
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.
