The gold markets initially fell on Tuesday, but found enough support at the 50% Fibonacci retracement level and the 100-exponential moving average to turn
The gold markets initially fell on Tuesday, but found enough support at the 50% Fibonacci retracement level and the 100-exponential moving average to turn things around and form a hammer. The hammer of course is a bullish sign and I believe the gold markets will continue to go higher. Every time gold dips, buyers return I think that will continue to be the way forward. I have no interest in shorting gold, and believe that we will eventually reach towards the $1300 level. I believe that there is a massive amount of support all the way down to at least the $1200 level.
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.
