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.
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.
