Gold markets fell a bit during the course of the day on Wednesday, but did find a little bit of support to turn things back around. Ultimately though, we
Gold markets fell a bit during the course of the day on Wednesday, but did find a little bit of support to turn things back around. Ultimately though, we have broken down below the $1070 level, and that tells us that the selling pressure continues to offer quite a bit of resistance on any rally. We are sellers on a break below the bottom of the range for the Wednesday session, but we are also sellers on short-term rallies when there are signs of exhaustion above, as we see the $1100 level as been massively resistive at the moment.
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.
