The gold markets rose on Monday, getting a bit of a reprieve from the massive selling pressure. The $1200 level below is psychologically significant, and
The gold markets rose on Monday, getting a bit of a reprieve from the massive selling pressure. The $1200 level below is psychologically significant, and as a result of that it makes sense that the market would bounce. The market has been selling off rather rapidly, and as this is the case, it takes quite a bit of momentum to keep up this type of move. I think a bounce is a nice selling opportunity at signs of exhaustion ahead. If we can break down below the $1200 level, it’s likely that the market continues to go even lower.
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.
