By FXEmpire.com
The gold markets fell again for the session on Wednesday as the fear trade continues. The breaking below of the $1,600 level is one that gives us great concern as long-term bullish gold traders. This signals that perhaps the market is about to go through an extended correction at this point. The market still looks as if the $1,500 level will be important, but at this point in time we simply cannot buy in this environment. In fact, selling a failure on a rally down to $1,550 is more than likely our next move. If we get a pop that fails at the $1,600 level – we are sellers. (Short term only of course.)
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Originally posted here
