Gold markets popped back above the $1200 level during the session on Monday, and then fell back down to test for support. The market did in fact find that
Gold markets popped back above the $1200 level during the session on Monday, and then fell back down to test for support. The market did in fact find that support, forming a hammer. That hammer suggests that the market is going to try to go higher, but we think that there is a lot of noise between here and $1240. It is not until we get above there that we would consider buying, and as a result we are on the sidelines and waiting for some type of resistant candle between here and that level in order to start selling again.
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.
