GOLD Continues to Threaten the 200 Day EMA: $XAUUSD xauusd Gold goldprice
Keep in mind that gold is highly sensitive to interest rates, so you need to pay attention to what’s going on in the bond market. As of late, interest rates have started to calm down a bit, and that helps gold become a bit more attractive. If interest rates truly start to sell off, then it’s likely that gold will be a rather major beneficiary.
If we were to break above the highest of the week, then I think it’s likely that we would go much higher. At that point, we would threaten the 50 Day EMA, and then eventually the $1900 level. On the other hand, if we were to break down below the lows of the last couple of days, we may pull back toward the $1825 level. Although a bearish move, it could be a simple continuation of base building in the market as there had been so much support right around the $1800 level.
The one thing that you can probably count on over the next several days is that things will be rather noisy, so you need to be very cautious with your position size. If the market suddenly takes off to the upside, I think it is likely that we would see a bigger continuation move, and I do think that things are lining up for that. However, it won’t necessarily be easy.
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