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.
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.
