Looking at this chart, it’s obvious that the $1800 level is a major resistance barrier, so I think we need to pay close attention to it. If we do break above here, then I think you should start to take a significant look at whether or not gold can continue to go higher. The $1815 level would wipe out the resistance and support candle that we had broken through the $1800 level with, opening up the possibility of the market going much higher.
Pay attention to the US dollar, and the US Dollar Index, as it tends to have a very negative correlation.The market will continue to be very noisy, but I think the one thing that probably saved gold for the day was the fact that we were heading into the weekend. Ultimately, it’ll be very interesting to see how this plays out because we have been in a very negative trend for a while, but obviously, things could change rather rapidly.
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