The gold markets rose during the session on Thursday, as the US dollar got absolutely pummeled. Because of this, we have seen a gain of 3% during the day,
The gold markets rose during the session on Thursday, as the US dollar got absolutely pummeled. Because of this, we have seen a gain of 3% during the day, but we did not get above the all-important $1300 level. If we can break above that resistance area, we think this market goes to the 1350 level, with that out much in the way of resistance. After that, we would have to really fight to get above the $1350 level, but above there momentum really starts to take off to the upside. Because of this, we are starting to get slightly bullish of the gold market, but do recognize that there are a lot of short-term dangers.
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.
