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.
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.
