Gold markets continue to look limp
If the market was to go below the $1800 level, that could be a very negative sign for the market, perhaps sending gold down to the $1760 level. On the other hand, the market is likely to continue to see a lot of volatility and choppy behavior. That being said, I think it is going to be difficult to hang on to a position in gold unless you are a longer-term holder. I think gold will eventually have its day, especially with the way that everything has been behaving as of late.
The way the market is behaving on Tuesday does suggest we have a long way to go before we have a bigger move, and think a lot of repositioning is about to happen. With that in mind, gold will continue to be something that you probably need to trade in more of a range-bound attitude. Because of this, you will need to pay close attention to the way youbecause the volatility is going to continue to make this market very difficult.
Traders seem to believe that there are going to be multiple interest rate hikes, and as long as that’s the case it does weigh upon gold in general. As long as we continue to see a lot of problems, the markets will have no idea what to do with themselves.
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