By FXEmpire.com
The gold markets had a very tight range for the session on Monday. The market has seen a nice pop to the upside, and this suggests that the $1,600 level is going to be tough to overcome. The Dollar has been very strong lately, and this move could be in reaction to a bounce in the Euro and other currencies for the session. However, very little has changed in reality and we aren’t likely to prefer longs at this point. In fact, if you have been long like we have over the last couple of trading days, there is a real case to be made for taking profits like we did on Monday afternoon. A breakdown below $1,500 is still needed for long-term short positions, and this looks very possible at this point. In the meantime however, we will wait.
Click here a current Gold Chart.
Originally posted here
