Gold markets initially tried to rally but turned around to form a negative candle. It looks as if the market is testing the 1180 handle, which has been
Gold markets initially tried to rally but turned around to form a negative candle. It looks as if the market is testing the 1180 handle, which has been supportive in the past. Ultimately, I believe that the market will continue to go lower and that the longer-term target is $1100. The $1200 level should continue to be rather resistive so short-term rallies offer short-term selling opportunities as far as I can see. I think it will probably be a choppy move lower, but ultimately longer-term charts do lean in the direction of $1100 being more attractive.
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.
