Gold markets fell slightly during the day on Thursday, as we continue to grind sideways overall with the longer-term downward bias. I still believe that
Gold markets fell slightly during the day on Thursday, as we continue to grind sideways overall with the longer-term downward bias. I still believe that we are going to reach towards the $1100 level below, and then eventually the $1000 handle. I think rallies at this point will more than likely be selling opportunities, and that the $1200 level will offer a bit of a ceiling as the US dollar has been strengthening. With this, I am a seller in a seller only when it comes to the gold markets, as the US dollar looks set to benefit from ECB quantitative easing.
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.
