Looking at the gold chart today, I think it is obvious that there are plenty of support levels underneath that we could be paying close attention to.
The 50 day EMA most certainly comes into the picture as it is curling higher, and we have seen the bottom of the last couple of candlesticks form here. As we shot higher from there, it makes a certain amount of sense that we would see a lot of support there. If we break down below that level, then I think things get kind of ugly.
Keep in mind that the gold markets are highly sensitive to the US dollar and of course interest rates, so it is important to pay close attention to what is going on in both the US Dollar Index and the 10 year note. If interest rates continue to spike like they had been doing, gold could very well get hit, just as the rising interest rates can cause a major problem for gold if they take off to quickly.
Either way, gold looks pretty healthy and if we can take out the top of this candlestick, I think we go looking towards $1870.
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