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The 50-Week EMA sets up just below the $1900 level, an area that obviously has a lot of psychological importance attached to it. With that being the case, I think you’ve got to look at this through the prism of perhaps trying to find a little bit of support in this area.
If this does not hold, then it would be a very ugly look for gold, as we could drop down to the $1800 level. The $1800 level course is a major round figure and therefore it does make quite a bit of sense that we would see a little bit of noise in that general vicinity. The other side of the equation is that we get some type of bounce, and as I write this during the end of the month of June, we are most certainly at a major inflection point.
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