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.
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.
