Gold markets fell rather hard during the course of the session on Tuesday, testing the $1070 level. That’s an area that has been supportive in the past,
Gold markets fell rather hard during the course of the session on Tuesday, testing the $1070 level. That’s an area that has been supportive in the past, but if we can get below there, the market should then be free to go much lower, perhaps reaching down to the $1000 level. Rallies at this point in time should be opportunities to sell gold as well, as is market is most certainly broken, and the US dollar looks to strengthen in the near term as far as we can see. We believe gold will eventually reach the aforementioned $1000 level.
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.
