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The Levels Every Gold Trader Has to Watch

A customer examines a selection of gold bars from Swiss manufacturer Argor Hebaeus SA.
Akos Stiller | Bloomberg | Getty Images
A customer examines a selection of gold bars from Swiss manufacturer Argor Hebaeus SA.

After putting in a $35 range shortly after midnight, gold stayed quiet through the Thursday's day session. The market tested a low of $1,276.10, just below support, but was unable to follow through before closing at $1,280.

Late in the day on Thursday, the Dollar Index gave up some of its gains, which has allowed it to show green on Friday's session by recovering those late losses. We are seeing slight pressure on commodities priced in dollars, and gold has moved back through support—trading close to $1,275 with a low of $1,272.60 so far.

(Read More: The Secret Sign That Gold Has Bottomed)

So what are the key levels to watch Friday?

Major support still comes in at $1,268, and only a close below there will show signs of a failure. Strong resistance sits above at $1286.90, and the market needs a close above that level to ignite a bullish move higher.

Rich Ilczyszyn is founder and CEO of iiTrader. Follow him on Twitter @iiTrader.

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