The gold markets initially tried to fall during the course of the day on Wednesday, but found enough support near the $1205 level to go higher during the
The gold markets initially tried to fall during the course of the day on Wednesday, but found enough support near the $1205 level to go higher during the day. With that, we do have a positive candle, but at the end of the day it’s really just a return to consolidation, as we believe that this market will continue to be very bearish overall. We are looking for some type of resistant candle in the vicinity between here and the $1240 level. We believe that if we can break down below the $1200 level, this market should head down to the $1000 level given enough time.
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.
