Gold markets fell slightly during the day on Monday, but continue to find interest at the $1250 level. Because of this, the market should continue to find
Gold markets fell slightly during the day on Monday, but continue to find interest at the $1250 level. Because of this, the market should continue to find buyers, and I think we will continue to go to the upside. I have a target of $1300 over the longer term, but I recognize it will probably be somewhat choppy. The market should continue to find buyers over the longer term, as gold is getting a bit of a reprieve from the longer-term bullish pressure that we had seen. In fact, we have just crossed the 61.8% Fibonacci retracement level, which is often a sign that the trend has changed completely.
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.
