The gold markets as you can see had a slightly negative session on Wednesday, but remains above the $1220 level. That area is a massively supportive area
The gold markets as you can see had a slightly negative session on Wednesday, but remains above the $1220 level. That area is a massively supportive area and we believe that it will be an inflection point as to where the market goes next. If we close on a daily chart below that level, we would become sellers. On the other hand, if we get a supportive candle at the level, we would be buyers as the market will have found support. Keep in mind that the reaction to the Federal Reserve and it statement will more than likely be highly influential.
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.
