Gold markets finally made the move we have been waiting for on Tuesday, as it shot straight up and through the $1,700 resistance area. The situation in
Gold markets finally made the move we have been waiting for on Tuesday, as it shot straight up and through the $1,700 resistance area. The situation in Europe has investors concerned about the solution, and the safety of fiat currencies – namely the Euro. In times like this, gold is often bought as a “safe haven trade”, as investors cannot trust a paper currency that has so many issues attached to it. While the US dollar gained all day, so did gold – meaning a flight to safety. Until the EU gets a handle on the situation in the banking and debt sectors, this market will continue to rise overall. We like buying any and all dips at this point.
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.
