During Thursday’s trading session, gold markets reemerged with signs of life after seeing a slight decline. Notably, the $1680 level above is major noise, as it has historically provided strong support; hence, we are about to retest this breakout. If we exhibit any signs of weariness in that area, I am more than prepared to resume sales. The markets will need to pay special attention to this situation, and if we break below the bottom of the candlestick for Thursday’s trading session, I believe the market will likely slide back to its lows.
You should only trade with capital that you can afford to lose while trading derivatives. The trading of derivatives may not be suitable for all investors; thus, you should ensure that you fully comprehend the risks involved and, if necessary, seek independent counsel. Before entering into a transaction with us, a Product Disclosure Statement (PDS) can be received through this website or upon request from our offices and should be reviewed. Raw Spread accounts offer spreads beginning at 0 pips and commissions of $3.50 every 100k traded. Spreads on standard accounts begin at 1 pip with no additional commission fees. CFD index spreads begin at 0.4 points. This information is not intended for inhabitants of any country or jurisdiction where distribution or use would violate local law or regulation.
We are approaching near to the previous level of support, so I would be all over that weariness if it does indeed occur. This might be a circumstance in which you trade next week based on this, but at the moment I’m paying special attention to any signs of tiredness. This will be especially true if the U.S. dollar begins to recover, although the U.S. dollar is currently a little overbought, resulting in a short-term shift in global sentiment. I do not believe that this is necessarily the end of the US dollar’s bullish run, therefore some perspective is likely required at this time. The $1680 level will continue to be crucial, so keep a close eye on it and let the market tell you when it’s time to start selling again.
