Friday saw a bounce in the gold markets as the hammer from Thursday triggered buy orders. The move was strong, and it was more than likely helped by short
Friday saw a bounce in the gold markets as the hammer from Thursday triggered buy orders. The move was strong, and it was more than likely helped by short covering. The overall trend is still up, and as long as the $1,500 level holds as support, we are willing to own this contract. Buying on dips in the shorter time frames is our favorite strategy going forward as the demand for gold should only increase due to the financial uncertainty. The European Central Bank and perhaps the Fed are about to embark on more printing – meaning higher gold prices. A break of the Friday highs has us buying, as well as supportive action on the short time frames.
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.
