Gold Market Technical Analysis
Gold markets have gone back and forth during trading on Tuesday as it looks like we don’t have any real directionality at the moment. When you look at the bigger chart, you can see that there is significant support underneath near the $1800 level, while we have a lot of resistance at the $1880 level after that. The 50 Day EMA is sloping lower, and it looks like it is getting ready to break down below the 200 Day EMA.
This is a market that I think continues to be very noisy, and therefore I don’t have any interest in trying to put a lot of money into it, but I would be much more aggressive if we break down below the trendline, which that’s just underneath the $1800 level. Keep in mind that interest rates in America rising to continue to work against the value of gold, and that might be part of what is playing out on the chart.
If we were to turn around a break above the $1880 level, then it’s likely that we could go as high as the $2000 level, which is a large, round, psychologically significant figure and will attract a lot of attention. At this juncture, I believe that eventually, we do rally, and once we get that rally it’s likely that we do reach that $2000 level. However, I will follow what the market does, and not what it “should do.” As things stand right now, gold looks like it is just simply trying to figure out what to do with itself, so therefore it’s not an overly compelling market.
Gold Price Predictions Video for 29.06.22
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This article was originally posted on FX Empire
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