Gold markets have rallied during the trading session on Monday as we continue to see a lot of noise in this market. The 200 day EMA above at the $1811 level and should offer a bit of resistance if we get there. If we can break above it, then it would be very bullish sign for gold, sending it much higher to fill the gap above which started out the $1861 level and drops down to roughly $1810 underneath. The 50 day EMA sits in that general vicinity but is turning lower. At any rally at this point time could show signs of exhaustion that we could get involved with.

Gold Price Predictions Video 22.06.21

If we break down below the bottom, then the $1750 level would be the next target, as it could be supportive based upon previous action, but more likely than not we will see an attempt to break down even further if we do fall from here. The market is likely to see a lot of selling pressure in general if we do get the breakdown, but at this point in time I think the one thing you can probably count on more than anything else is going to be a lot of choppy and noisy behavior as we continue to see confusion about the Federal Reserve and of course what they are going to do next.

All things been equal, we will probably have multiple opportunities to trade back and forth on short-term charts, if you are so inclined to trade shorter-term charts. We will make a longer-term decision sooner rather than later, and once we do the trade will become much more obvious.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire


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