The market had a very quiet day on Friday, trading in a narrow $12 range, as participants digested the FOMC announcement the previous day.
This morning gold has opened around unchanged, the encouraging thing to note from a technical standpoint is that the gains of the previous rally are being held and any dips are very shallow and brief, as traders take the opportunity to add to positions or scramble to close shorts.
This week we expect the rally to resume, though gold is now overbought on the daily chart and approaching overbought levels on the weekly chart.
Our subscribers will be kept informed in real time of our views and trading decisions as always.
This morning gold has opened around unchanged, the encouraging thing to note from a technical standpoint is that the gains of the previous rally are being held and any dips are very shallow and brief, as traders take the opportunity to add to positions or scramble to close shorts.
This week we expect the rally to resume, though gold is now overbought on the daily chart and approaching overbought levels on the weekly chart.
Our subscribers will be kept informed in real time of our views and trading decisions as always.