Gold markets rallied a bit on Wednesday as we continue to see this market grind back and forth
market. This is an area where you would expect a lot of technical selling, so be interesting to see whether or not we can continue to go higher. If we do, there are plenty of areas above that could come into the picture to cause problems. The most obvious place for me is going to be the $1883 level, where we had fallen from previously. That was an area that had seen a lot of downward pressure and sent the market down to its current levels.
The market continues to be a situation where traders are willing to fade the rally, especially as the US dollar continues to be very strong. As long as that correlation still remains, it is difficult to imagine a scenario where I would get long in this market, especially as the 50-day EMA sits at the $1906 level and is sloping lower. I will be looking for signs of exhaustion that I can take advantage of. The market will continue to be very noisy, but that is not a huge surprise considering the CPI came out so hot during the day, and the Federal Reserve is most certainly in play.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold Technical Forecast: Gold Price Plunge Targets Final SupportGold prices are poised to mark a fourth consecutive weekly decline with XAU/USD more than 2% since the start of the week. The decline is now testing key support targets--we’re on the lookout for a possible exhaustion low in the weeks ahead.
Read more »
Gold Price Forecast: XAU/USD bears taking on critical daily supportThe gold price continues to deteriorate despite some relief in the US dollar's advance. At the time of writing, XAU/USD is down some 0.46% at $1,845 w
Read more »
Gold Forecast: Markets Continue to Test 200-Day EMAGold markets are going to continue to struggle with volatility. What will this mean for your trading? Gold Forex
Read more »
Gold Price Forecast: XAU/USD rebounds towards $1,850 as DXY eases ahead of US inflationGold (XAU/USD) prices recover from the lowest since February as markets brace for the all-important US inflation data during early Wednesday. The meta
Read more »
Gold Forecast: Markets Break Below Crucial 200-Day EMAGold markets gapped lower to kick off futures trading Tuesday morning, only to turn around and fill that gap.
Read more »
Gold Price Forecast: XAU/USD bears firming at critical 38.2% Fibo daily resistanceAt the time of writing, the gold price is some 0.8% higher and correcting from daily support located in the lows of the day at $1,832.07. At $1,853.40
Read more »