- Gold markets rallied again on Friday as we have seen a significant bounce from the crucial $1680 level.
- This is an area that is important on longer-term charts, so it does make sense that we would see this bounce come into play.
- It is worth noting that some of the gains were given back late in the day to form a bit of a shooting star.
Watch the Federal Reserve
It is because of this that you need to pay close attention to how the market behaves over the next couple of days. This does make a certain amount of sense because the Federal Reserve meeting on Wednesday could have a lot to say as to where the market is going longer-term. The Federal Reserve is anticipated to be hawkish, but there has been a lot of back-and-forth when it comes to the amount that they are willing to go. Some people believe it is 75 basis points, but others believe that it is 100. Because of this, it’s likely that we will continue to see a lot of confusion and it’s probably worth noting that the Wednesday session could be quite noisy.