The gold markets as you can see went back and forth during the session on Tuesday, but found enough resistance at the $1260 level in order to pull back
The gold markets as you can see went back and forth during the session on Tuesday, but found enough resistance at the $1260 level in order to pull back and close near the $1240 level. Because of this, we think the market still needs to consolidate a little bit down here before breaking higher, which is what we expect to finally see. On a daily close above the $1260 level, we are buyers of the gold market. However, until that happens, we have to stay on the sidelines as is certainly is a bit risky after the recent selloff.
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.
