Gold Analysis (2016.05.06)

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Gold Analysis –  The Gold markets initially rallied during the day on Thursday, but struggled above the $1280 level and ended up forming a bit of a shooting star. The shooting star of course is a negative sign, and as a result sellers could enter this market but there is quite a bit of support below, and with that being the case any selling will more than likely be short-term at best. Any bounce from here should attract buyers and push this market back towards the $1300 level. A break above that level should send this market higher for the longer term as well.

Gold Chart

Gold Analysis

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