Gold markets fell during the day on Wednesday, slamming into the $1120 level. This was an area that was rather resistive previously, and it should now be
Gold markets fell during the day on Wednesday, slamming into the $1120 level. This was an area that was rather resistive previously, and it should now be supportive. As you can see on this chart, I have circled the cluster that recently had caused quite a bit of struggle, so having said that we expect this market to get a bit of a bounce from here. On the other hand though, if we get below the $1110 level, we will probably drop down to the $1100 level after that. All things being equal, we have no interest whatsoever in holding onto a position for any real length of time at the moment.
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.
