Prices rallied some during the overnight and again after the early Economic news, but that rally was short lived. There is a lower gap on the chart due to the early rally, and prices appear to be working lower to fill that gap at a minimum. Where prices will go from there is anyone’s guess, but I would expect mixed trading at times no matter how the day plays out in the end.
For the moment, the bias is somewhat down, but if this is just a pullback to fill the gap, we could see prices test the highs again. I still think prices could trend in either direction today, and I am almost certain we will see some mixed trading with strong moves in both directions at times. It is Friday, and many traders may not feel comfortable taking positions through the weekend with the drama going on with Iran, so that could have an effect on the market as well.
