Gold markets initially went sideways during the day on Friday, and then fell significantly to reach down towards the $1275 level. We bounced from there as
Gold markets initially went sideways during the day on Friday, and then fell significantly to reach down towards the $1275 level. We bounced from there as Janet Yellen started speaking in Wyoming, and then looked very bullish by the end of the day. However, the $1300 level above continues to be massively resistive, and it’s not until we break above their that I am willing to buy. In fact, if we see some type of exhaustion near this area, I am more than willing to start selling this market again as it is the top of a larger consolidation area that has been quite reliable.
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.
