Gold Markets Give Up Early Gains Yet Again Forex Trading
is a bit of a shooting star, so that does suggest further weakness. Whether or not we can break down below the $1800 level is a completely different conversation, but it certainly looks as if we are going to try to do so. If we were to do all of that, then it’s likely that the market will go looking to the $1750 level rather quickly.
If we turn around and rally, we would need to overcome the $1840 level, the potential “death cross” above there near the $1850 level, and then eventually the $1880 level which is massive support. Breaking above that would not only be a, but it could open up the possibility of a move to the $2000 level after that. The $2000 level has a lot of psychology attached to it, and people will certainly stand up and take notice if we get to that area.
, as the correlation has been so strong. As traders continue to focus on the idea of higher interest rates, they prefer to hold paper instead of pay storage fees for gold, which is what we are seeing play out on the charts.
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