Gold Markets Give Up Early Gains XAUUSD GOLD gold Gold $XAUUSD goldprice GoldPrices
The market reached as high as the 50 Day EMA but has since pulled back quite drastically. The ugly candlestick that we have formed for the day suggests to me that we are going to continue to struggle, as the 50 Day EMA is above the candlestick, and then the 200 Day EMA underneath offers support. Quite frankly, the market typically builds up a lot of inertia between these two moving averages, before making a bigger move.
I do think that gold has started to kick off a big move lower, and therefore I have no interest in buying, at least not until we get a daily close above the 50 Day EMA. If we do get that, it would be a Herculean effort and therefore you would have to pay close attention to the market and what it was trying to tell you.
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