Gold markets went back and forth during the course of the session on Friday, testing the $1080 level below for support, and the $1100 level as resistance.
Gold markets went back and forth during the course of the session on Friday, testing the $1080 level below for support, and the $1100 level as resistance. With that, the market looks like it is ready to go back and forth overall, and as a result we aren’t necessarily interested in putting serious money into this market. We would be willing to sell short-term rallies though, as the market should have quite a bit of resistance near the $1150 level at this point in time as it was so supportive previously. Ultimately though, we believe this market heads down to the $1000 level.
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.
