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.
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.
