Gold markets initially tried to rally on Monday, but struggled at the $1100 level. This was probably a knee-jerk reaction to the attacks in Paris, and as
Gold markets initially tried to rally on Monday, but struggled at the $1100 level. This was probably a knee-jerk reaction to the attacks in Paris, and as we are in a long-term downtrend, it makes sense that we turned back around to form a bit of a shooting star. The shooting star suggests that we are going to go lower still, and as a result we certainly have no interest in buying. On a fresh, new low, the gold markets should then reach towards the $1000 handle given enough time, but recognize it might be a volatile ride.
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.
