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.
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.
