Gold is searching for a bottom. Will it find it? Lets trade today using our forecast: Gold Trading Forex Money
The candlestick is rather negative looking, and I think at this point in time we are either going to find value hunters, or we are going to see a continuation of the downward pressure. A lot of this comes down to the Federal Reserve and what they do this week.
Looking at this chart, if we were to break down below the $1920 level, then it is very likely that this market could break down rather significantly. The 50-day EMA is reaching towards the highs that were marked by the $1920 level, and therefore I think a lot of people would be paying close attention to it.
On the upside, if we can break above the $2010 level rather handily, it could very likely reach towards the highs yet again. I do not like the idea of jumping “all in” ahead of the FOMC meeting, so the next day or so might be more or less about observing gold markets than anything else. Because of this, even when I do enter the market, I will do so very cautiously, and with a small.
The market had gotten far ahead of itself, so this pullback was probably going to be necessary the entire time. Whether or not we can continue the upward momentum is a different question, because it is worth noting that the recent high was actually part of a “massive double top” on the weekly charts.
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