The gold market fell during the session on Friday, as we continue to grind away just above the $1600 level. This level of course was previously resistant,
The gold market fell during the session on Friday, as we continue to grind away just above the $1600 level. This level of course was previously resistant, and as a result now offers quite a bit of support. We have essentially been going sideways between the $1600 and the $1620 level over the last couple of sessions. With this being said, we think that eventually the market will try to breakout above the $1620 level, and once it does we will be heading towards the $1660 area next. We ultimately are bullish of the gold market, and believe that a daily close above the aforementioned $1620 level is reason enough to start buying.
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.
