Gold Markets Continue to Float Around a Familiar Level Forex Trading
The $1680 level has been important for multiple times over the last several years, the fact that we broke through it the other day was a big deal. We have jumped back over it, but failed at that 50-Day EMA, which sits just below a longer-term downtrend line. Because of this, I think it’s only a matter of time before rallies get faded, especially if we start to see the US dollar pickup strength again.
The CPI number coming out on Thursday is going to be crucial, as it is by far the headline for the week. After all, everybody’s paying close attention to the Federal Reserve and what they are going to do with monetary policy. At this juncture, it’s likely that we will see the Fed takes center stage and therefore every time there is an inflation number, the US dollar will move in kind.
Because of the Thursday announcement, it’s possible that we may see a slightly higher gold market over the next 24 hours or so, but it is at that announcement that we will see a big move. If we break above the top of the downtrend line, then it opens up the possibility of an attempt to reach the 200-Day EMA, which is currently right around the $1775 level.
I do not see that changing anytime soon and therefore you need to pay close attention to those yields.
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