The gold markets fell during the session after initially trying to rally Thursday. However, we did fall back down to an area that should provide quite a
The gold markets fell during the session after initially trying to rally Thursday. However, we did fall back down to an area that should provide quite a bit of support, and as such we see the $1700 level as an area that should produce some type of supportive action. Because of this, we are not ready to start selling, and we do still believe in the long-term viability of the uptrend.
However, price action is very bearish at the moment and we are hesitant to get involved right here. We need to see a little bit more of a pullback and a supportive candle in order to start buying again.
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.
