Gold markets initially rallied on Friday, reaching towards the $1355 level. We pulled back from there to reach towards the $1345 level underneath, which
Gold markets initially rallied on Friday, reaching towards the $1355 level. We pulled back from there to reach towards the $1345 level underneath, which now is acting as support. I believe it’s only a matter of time before the buyers come back, as gold markets continue to look very bullish. Ultimately, the US dollar got a bit of a bit during the day on Friday, perhaps in profit taking moves, but this should only end up offering value in the gold markets, as well as other precious metals. With this in mind, I’m a buyer in small increments as this helps “dollar cost average” your position forward.
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.
