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.
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.
