Gold markets initially tried to rally during the course of the day on Tuesday, but fell at the $1080 level to turn things back around and form a bit of a
Gold markets initially tried to rally during the course of the day on Tuesday, but fell at the $1080 level to turn things back around and form a bit of a shooting star. The shooting star of course is a negative sign, and if we can break down below the bottom of it, the market should then reach towards the $1060 handle given enough time. We also believe that we can break down below even that area, and reach towards the $1050 handle given enough time. The US dollar continues to strengthen, so of course it makes complete sense that gold will fall.
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.
