Gold markets rallied during the day on Friday, testing the vinyl $1300 level. However, we rejected price there, as the overall consolidation from the last
Gold markets rallied during the day on Friday, testing the vinyl $1300 level. However, we rejected price there, as the overall consolidation from the last several months has held. Because of this, I think it’ll be interesting to see what we can do going forward, and if we break below the $1285 level, the market probably goes much lower, stopping at the $1275 level, and then eventually the $1250 level. Longer-term, we could be looking at a move towards the $1200 level as it is the bottom of the consolidation level that we are trading in the gold market.
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.
