XAUUSD Forecast: Gold Continues to Sit at the Support Level
At this point, we can turn around a break above the 50-Day EMA, then I think gold has a real shot at resuming its uptrend.
That being said, you need to be cautious with the $1900 level as it is an area where we’ve seen a lot of selling pressure in the past, as we formed multiplein a row. Because of this, I would anticipate that getting above $1900 will be difficult, but it’s not necessarily impossible. It’s also worth noting that we sold off quite drastically ahead of making those inverted hammers, with 2 massive red candlesticks.
On the other hand, if we break down below the bottom of the hammer from last Friday, then we could see this market go down to the, which is hanging around the $1800 level. The $1800 level of course is a large, round, psychologically significant figure, and an area where a lot of people will be paying attention to. You should also be aware the fact that thecame out late in the day, and that will have people betting on what the Federal Reserve does next.
The longer-term trend is still to the upside so I think this remains more or less a “buy on the dips” type of situation that people will flock to.
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