After last Thursday’s action in the Gold market, I believe the precious Yellow metal markets are in a Key mark.
The Big Q is whether or not the psych support mark at $1300 level will hold.
If it does, then things will take care of themselves and will look towards at $1325 as the next mark.
That being the case we have an uptrend line drawn on the chart that looks very likely to form a bit of a Head & Shoulders pattern. That is a very negative sign. If the Head & Shoulders breaks down, it points to a move at $1225 oz.
Pay attention to USD, as it has its usual influence on the Gold markets. A rising Buck can often put downward pressure on Gold. In fact, that may be most of what happened during Thursday’s session.
The Big Q now is whether or not we can bounce significantly to reach North to $1325.
This Gold market looks to offer either a selling opportunity and Silver, which is much more likely to collapse than Gold, or a buying opportunity. So, pay attention and always take what the market gives.
Keep an eye on the Gold, Silver and USD charts, they will be Key going forward and driven by the Buck.
The easiest way to keep track of that is to pay attention to the EURUSD pair. It seems as if the 1.12 level is lining up with supported both Silver and Gold.
Have a terrific weekend
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