Wait for support levels when it comes to gold trading
SubscribeWe commit to never sharing or selling your personal informationhave gone back and forth during the choppy Monday session as we continue to see a lot of hesitation at this point.We have a situation where we need to work off some of this excess momentum or pullback.Waiting for Support Levels
The $1880 level is an area that I’d be very interested in buying if we get some type of support level. If we continue to see the market drop, the uptrend line would be challenged. The 50-Day EMA comes into the picture as well, so all that being thrown together, I do think it’s only a matter of time before the buyers jump in.
We could then see the attitude of the market change if we do break through all that, but right now, I just don’t see that happening. We would need to see a massive spike in the US dollar value, something that just doesn’t look like it’s in the cards right now. While the US dollar could strengthen, the reality is that there are a lot of people betting against it.
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