After printing a bullish hammer on Tuesday, the gold markets promptly fell on Wednesday. The candle was bearish, and fairly solid, but short on length.
After printing a bullish hammer on Tuesday, the gold markets promptly fell on Wednesday. The candle was bearish, and fairly solid, but short on length. Because of this, we feel the analysis hasn’t changed: We are willing to buy on a break of the Monday candle, as it shows a breakthrough on the resistance area that has been keeping this market down. We are not willing to sell gold at any price, simply because the uptrend is over 10 years old. We simply wait for signs of support and buy on dips at this point.
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.
