Gold markets went back and forth during trading on Thursday, grinding away yet again. However, we are running out of momentum as you would expect, being just below a major level. The $1350 level has caused resistance in the past, and of course the shooting star(Reversal Candle) that we formed during the trading session on Wednesday will have only reinforced that concept.
With gold struggling here, it makes sense that perhaps we get a bit of a pullback. Beyond that, we had gotten so far ahead of ourselves that I think a bit of profit taking is most certainly in order. The $1350 level had caused the lot of resistance previously, and that’s where we started falling to drift down towards the $1270 level underneath. Bouncing from there back to this area in such a short term type of move suggests that we may be over bought. Ultimately, this is a market that has been overdone, so I think that the fact that we are heading into the jobs number makes a lot of sense and perhaps even gives us an opportunity or an excuse to rollover.
With gold struggling here, it makes sense that perhaps we get a bit of a pullback. Beyond that, we had gotten so far ahead of ourselves that I think a bit of profit taking is most certainly in order. The $1350 level had caused the lot of resistance previously, and that’s where we started falling to drift down towards the $1270 level underneath. Bouncing from there back to this area in such a short term type of move suggests that we may be over bought. Ultimately, this is a market that has been overdone, so I think that the fact that we are heading into the jobs number makes a lot of sense and perhaps even gives us an opportunity or an excuse to rollover.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.