Gold markets rose at the open on Monday but turned right back around to the open again, forming a shooting star. The $1200 level looks to be massively
Gold markets rose at the open on Monday but turned right back around to the open again, forming a shooting star. The $1200 level looks to be massively resistive, and as a result I feel that the market is going to continue to try to break down and with the US GDP numbers coming out today, that could have an influence on the US dollar itself. By extension, if the US dollar continues to strengthen, that will be further fuel for the fire and break this market down even further. Buying opportunities don’t really exist at the moment as far as I can see.
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.
