The gold markets fell during the session as the $1400 level acted as resistance. The market did recover some of the loss above, and all things considered
The gold markets fell during the session as the $1400 level acted as resistance. The market did recover some of the loss above, and all things considered this is a fairly mild drop. It still looks like the $1350 level is trying to act as support, and there is still the possibility that we are in the process of forming a so-called “double bottom.” If that’s the case, this market could be getting ready to grind higher. We believe that sooner or later this market does find the support that it needs, and this area does indeed look very promising. Because of this, we are willing to start taking a small position in this market above the $1400 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.
