Gold Markets tried to break above the 200-Day EMA during the trading session on Monday, but as you can see we have pulled back significantly from the 200-Day EMA, which is near the $1760 level. XAUUSD goldprice goldpricetoday goldtrading
The first one of course is going to be the Core PCE, as the Federal Reserve likes the idea of following thatFurthermore, we also have thecoming out on Friday, and therefore a lot of people will be paying close attention to it.
If the market were to break down from here, the 50-Day EMA comes into the picture right around the $1715 level. As long as we are between these 2 indicators, it’s likely that we will have a significant move in one direction or the other, but it is worth noting that gold has formed a massive “W pattern”, and now it looks like we are trying to test the top of that area again.above the top of the candlestick, then it’s likely that we could go looking to the $1780 level. After that, then you have the $1800 level.
By the end of the week, we should have some type of indicator that could give us an idea as to where we are going next, and I think the next couple of days are going to be very noisy, so therefore you need to be very nimble and keep your position size small.
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