In this video, the Trader Guy looks at the commodity Gold for the July 25th session.
Gold — We have already rolled over into GMT, but I am in gold. When I look at this, I can see several other things on the chart. The 50-day Exponential Moving Average sits just below the current trading. I have a clear consolidation area, as you can see marked on the chart. Today was interesting as we fell initially and then we rallied because of the FOMC statement. The Federal Reserve was not nearly as hawkish as one would think. A rate tightening possibility suggests that perhaps there is still some room to move with tightening. Because of this, I think that probably we are going to go towards the top of the range, which is $1,300 with $1,275 in the middle offering the first target. I think as long as we can stay above the bottom of the candle from the Wednesday session, that is a strong sign, and I think we are going to go back towards this area. Now, can we break out? of course, we can. I am a buyer on short-term dips. I think that is probably going to work out for at least next several weeks.