Gold markets as you can see initially tried to rally during the course of the session on Tuesday, but found enough resistance above the $1240 level to
Gold markets as you can see initially tried to rally during the course of the session on Tuesday, but found enough resistance above the $1240 level to turn things back around and form a shooting star. However, we see a significant support barrier at the $1220 level, so we think that the market can’t be sold. However, it certainly can’t be bought at this point in time. With that being the case, we are buyers on supportive candles in this general vicinity as we think the market will eventually go higher but needs to form a little bit of a base.
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.
