Gold markets had a slow session on Wednesday, as we continue to grind around the $1160 level. Any rally at this point in time is going to have to deal
Gold markets had a slow session on Wednesday, as we continue to grind around the $1160 level. Any rally at this point in time is going to have to deal with a lot of resistance all the way to at least the $1200 level, so I like the idea of selling rallies that show signs of exhaustion. If we breakdown below the $1150 level, then we should make a move towards the $1100 level. I have no interest in buying it all, at least not until we clear the $1225 level. With this, I believe that the US dollar continues to pummel the gold market.
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.
