Gold markets fell significantly during the session on Friday as the Nonfarm Payroll Number came out much higher than anticipated. Because of this, the US
Gold markets fell significantly during the session on Friday as the Nonfarm Payroll Number came out much higher than anticipated. Because of this, the US dollar of course strengthened massively, and that of course works against the value of precious metals. With this being the case, and the fact that the US dollar looks like it’s ready to continue to go much higher, we believe that gold will continue to fall and that rallies can be sold. We have no interest in buying at the moment, and if we can make a fresh, new low, we feel that the market then opens the door to pushing towards $1000.
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.
