In this video, the Trader Guy looks at the commodity, gold for the August 12th session.
Gold/USD — The Friday session was slightly bearish for gold. This market looks a bit overbought at the moment and it makes sense that the market is attempting to pull back and identify support levels below. The target of this ascending triangle pattern is reached. To the downside, the market can reach upto $1,540, which looks supportive. So, buying dips is the way to play this market at the moment. This market is supported by the dovish stance by the central banks like the Fed and the ECB. So, this market will find its way slowly towards the $2,000 level.