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.
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.
