Gold markets rallied during the course of the week, slamming into the $1160 level. However, this signifies a significant amount of resistance just above,
Gold markets rallied during the course of the week, slamming into the $1160 level. However, this signifies a significant amount of resistance just above, so we are a bit hesitant to start going long. We believe that more than likely we’re going to get a nice selling opportunity, and the fact that Friday formed a shooting star like candle certainly has us wondering about how long we can go higher. We believe the market will eventually offer a resistive candle that we can start selling. We see resistance all the way to the $1225 level.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
