Gold Forecast: Markets Threatens Major Resistance Forex Gold Trading
sits just below current trading, and therefore it’s potentially a short-term support level. If we break down below the 50 Day EMA, then it’s possible that we could go looking to the $1750 level. That’s an area where we had seen previous resistance, and it’s likely that could come in and offer a bit of “market memory” and make the market react to it.
If we break out above the $1815 level, then it’s possible that the market could go looking to reach the 200 Day EMA which is near the $1850 level. The 200 Day EMA of course would cause quite a bit of resistance, so breaking above that would kick off a lot of algorithmic trading. I think the only thing that you can count on now is going to be a lot of noisy behavior though, so given enough time I think that this is a market that needs to make a bigger move.
By the end of the Wednesday session, we could probably have something in the realm of clarity that we can start following for a bigger move. I think that the real signal is probably at the end of the day on Wednesday. Between now and then, it’s going to be nothing but a lot of choppiness and sideways behavior. The market being between the 50 Day EMA and the 200 Day EMA suggests that we are getting a lot of crosscurrents at the same time.
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