Gold markets rallied during the course of the session on Friday, but found the area in the $1160 region to be far too resistive. Because of this, we
Gold markets rallied during the course of the session on Friday, but found the area in the $1160 region to be far too resistive. Because of this, we pulled back to form a bit of a shooting star. With that, we believe that selling matter of time for this market falls, and then perhaps grind its way back towards the $1130 level. After all, we are in a very negative downtrend anyways, so at this point in time we believe that selling is the only way to go. We are simply overbought, and also see that the US Dollar Index is heading fairly close to a supportive area which of course could wear down the value of gold.
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.
