Gold is near 1262.00 USD as of early Friday morning. The precious metal finds itself near critical resistance. If Gold should break through this resistance and test higher waters it will find itself within a range band not seen since November. Essentially support stands near 1237.00 which has been hit upon this week, and the next barrier for resistance is around 1270.00 which has not been seen since early December if it continues to march upwards today. The question as many traders begin the day is how speculative forces will react before going into the weekend.
Next week is an important one regarding U.S. data via Core Durable Goods, the CB Consumer Confidence, and a GDP among others, but these publications will be overshadowed by the Fed’s FOMC Statement coming on Wednesday the 29th. Opportunity exists within Gold for those who can tolerate its gyrations. Digital Markets Advisor still believes that bears control the precious metal, but short-term Gold could test highs today as it pushes along resistance that is important psychologically for day traders.