Gold markets continued to run in a very tight pattern on Friday as traders are weighing the possibility of a European debt crisis solution over the
Gold markets continued to run in a very tight pattern on Friday as traders are weighing the possibility of a European debt crisis solution over the weekend. Oddly enough, there are several higher ranking officials that have stated not to expect one, including the Canadian Finance Minister. With this in mind, there are some traders that are buying gold as protection from the next round of bad news or disappointment that the markets have certainly set themselves up for over the last couple of weeks.
The consolidation continues to favor buying dips, as the lows are getting higher and higher. Also, even on this “quiet” day – gold rose $14 and some change. This market certainly wants to rise in value, and as such we are still buying it on dips. Selling isn’t even a thought at this point to us.
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.
