Gold markets have rallied significantly on Tuesday to show signs of strength again, in what could be looked at as a potential consolidation area.
Looking at the moving averages, you can see that both the 50 day and the 200 day EMA indicators are sitting at the $1800 level, an area that has quite a bit of psychology tied to it.
The fact that they are both flat tells me that the market is not ready to go for a bigger move, as is typically means that we will just chop back and forth. That being said, we have a couple of obvious levels to pay attention to in order to place trades.
It is worth noting that the candlestick was very strong for the session, suggesting that perhaps we are looking at a scenario where the buyers are starting to step in and get aggressive. For what it is worth, we have also seen the 10 year yield dropped just a bit during the trading session as well, as it looks like it is trying to top out.
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