US markets opened this morning mixed on the stock side. Down in the dollar, up in gold prices. Of course one day does not a year make – unless it’s a really, really big day.
GLD, the world’s largest unleveraged gold ETF, opened up very close to resistance at 124.66. Forecasts for gold behavior in 2018 range from “average of 1150” all the way to one call for 1526. Experienced traders know that pre- and post-market trading is interesting, but what matters longer-term is what happens during the market’s official hours.
So we’ll watch today’s action, and if volume is good and consistently on the buy side, we’ll start to smile more. Keep an eye on that GLD 125 level.