Gold markets weekly technical analysis
Gold markets tumbled at the start of the week as the US dollar was exceptionally strong. That said, it appears that both Thursday and Friday are trying to stabilize the market, and we are in an uptrend after all. So I think we have the potential for a turnaround, but right now I think the best the market can do is probably digest some of these gains from the last few months, maybe try to build a little bit of confidence for buyers to go a step further. end up back on this market through that process. The $2,500 level below will be a significant support level from a psychological perspective, and obviously considering that there will likely be a lot of options trading in that environment.
If the market were to turn around and break above the $2,600 level, then it’s likely we could be looking at the $2,800 level above, which was the barrier holding the market back. That said, it really wasn’t $2,800, which was the big factor. It was the fact that the US dollar suddenly took off, especially as the elections came and went.