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.
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.
