Trading Secrets

Gold Prices February 16, 2017, Technical Analysis

Gold markets initially fell during the day on Wednesday, but found enough support to keep the market afloat. If we can break above the top of the candle for the day, we should then reach towards the $1250 level. I believe that this market has plenty of support all the way down to the $1200 level, so I have no interest in shorting. We are currently hovering the 50% Fibonacci retracement level, and thus it’s likely that the market will see participants interested in both directions.