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.
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.
