The gold markets fell slightly during the session on Monday, but remains above the $1220 level. That is an area that we believe is going to be the signal
The gold markets fell slightly during the session on Monday, but remains above the $1220 level. That is an area that we believe is going to be the signal as to which direction to go. If we find a supportive candle in that area, we would be buyers of gold as it would find support and more than likely would continue to go higher, at least aiming for the $1250 level. We break below there however, at that point time we would be sellers as we think the market would continue the longer-term downtrend. That being said though, at this moment it looks like we have at least attempted to break out to the upside over the course of the last couple of weeks.
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.
