Gold rallied on Friday, again moving in lockstep with equities and other commodities, though the 1600 level was not breached and gold is now below the major moving averages once more.
The gold market just can't get any momentum going and hasn't put together two consecutive up days for over a month. The dollar appears to be breaking out to the upside, which will put further pressure on gold.
Today's video looks at our trading strategy in the various scenarios that could unfold here, though our favoured scenario at the moment is a breach of 1525 and lower prices, if only for a short while.
However, as technical traders, we are unconcerned with which way the market decides to go and will watch for our usual signals and act accordingly.
The gold market just can't get any momentum going and hasn't put together two consecutive up days for over a month. The dollar appears to be breaking out to the upside, which will put further pressure on gold.
Today's video looks at our trading strategy in the various scenarios that could unfold here, though our favoured scenario at the moment is a breach of 1525 and lower prices, if only for a short while.
However, as technical traders, we are unconcerned with which way the market decides to go and will watch for our usual signals and act accordingly.