Gold Market Technical Analysis
Gold markets have gone back and forth during the Friday session, as we continue to see a lot of noisy behavior. The $1830 level has acted as a short-term resistance, but if we were to break above the top of the candlestick for the trading session on Friday, it opened up the possibility of a move to the 200 Day EMA at $1854.
Alternatively, if we were to break down below the bottom of the candlestick for the trading session on Friday, then we could go down to the $1800 level. The $1800 level is a large, round, psychologically significant figure, that coincides quite nicely with the uptrend line. Because of this, think that we will have a major fight on our hands in that general vicinity. If we were to break down below there, then it’s likely that we go much lower, perhaps down to the $1750 level. All things being equal, this is a market that is probably going to continue to be a lot of volatility and choppy behavior.
Ultimately, this is a market in which you’re going to have to be very cautious with your position size as there is a lot of noise just waiting to come in and cause major issues. That being said, if we can ever break above the $1880 level, it’s possible that we could send this market much higher. At that point, the market could go all the way to the $2000 level over the long term. That being said, keep an eye on the US dollar as well, because it can have a major influence on the pricing of gold as well.
Gold Price Predictions Video for 27.06.22
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This article was originally posted on FX Empire