Gold Markets Reach Towards Top of Gap. See if it is worth trading here:
is a very fickle market, as it takes very little to get it running in one direction or the other it seems. The bond markets will come into the picture as well, because interest rates in the United States continue to pick up. Traders are starting to price in something close to six interest rate hikes by the Federal Reserve, which of course will never happen.
In the short term, I think we will probably do go a little bit higher, but eventually we will see selling pressure and a pullback. If we were to break out above the gap, then we could go looking towards $1850 level. It is difficult to imagine a scenario where we go straight up in the air, and we are getting a little bit stretched at this point.
I certainly would not be a seller, but it is difficult to chase a market that has risen that quickly. The 50 day EMA underneath should be supportive, and I think that any dip towards that level will probably get bought into unless interest rates drop drastically after the Thursday announcement. Right now, it is a little bit much to simply guess, but if you are already long of this market, there is no sign here to get out in the short term.
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