Gold markets fell significantly during the session on Thursday, but I still see a significant amount of support underneath and extending all the way down
Gold markets fell significantly during the session on Thursday, but I still see a significant amount of support underneath and extending all the way down to the $1240 level. Sooner, rather than later, I think that the buyers return and continue the longer-term uptrend. It’s not until we broke down below the $1240 level that I would consider selling this market. In the meantime, patience will be needed but I think we will get an opportunity to go long again rather soon. I will wait for a signal on the daily timeframe and keep you abreast as to what I’m doing.
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.
