The gold markets tried to rally during the course of the day on Thursday, but fell at the $1225 level. The resulting action formed a resistant candle,
The gold markets tried to rally during the course of the day on Thursday, but fell at the $1225 level. The resulting action formed a resistant candle, which of course was in the shape of a shooting star. The market below has a significant amount of support in it though, with $1200 being the most important area. We believe that the $1200 level been broken to the downside is a longer-term sell signal, and we also believe that it’s going to happen. However, we don’t have that set up quite yet. We will continue to sell rallies as they appear.
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.
