The gold markets fell during the session on Wednesday, showing that the $1260 level continues to be resistive. However, there is a line of noise below,
The gold markets fell during the session on Wednesday, showing that the $1260 level continues to be resistive. However, there is a line of noise below, and we believe that this market will find buyers in this general vicinity. Because of this, it is almost impossible to sell gold at this point time, and that being the case, we are looking for supportive candles in order to go long as we believe it will be a momentum building exercise to break above the $1260 resistance level. Selling is not possible until we get below the $1200 level, which of course would open the gates to the $1000 handle.
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.
