For most markets, the US dollar has been like a wrecking ball, and gold has been no different. Ultimately, this market has broken significantly through the 200-Day EMA, which is a very negative sign for most technical traders. Given enough time, rallies will continue to attract sellers, and it looks as if the “fear trade” has gripped the markets entirely.
If we were to break above the 200 Day EMA, then it is likely that we could go higher, perhaps reaching the $1880 level. That is an area where we had seen a lot of selling previously, and therefore I think it makes quite a bit of sense that we would see short sellers coming back into the market. I am not interested in buying this market because, quite frankly, the US dollar looks like it is nowhere near selling off anytime soon.
Ultimately, it seems as if we go much lower. Pay close attention to your position size, these types of markets get very dangerous.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold Forecast: Markets Break Below Crucial 200-Day EMAGold markets gapped lower to kick off futures trading Tuesday morning, only to turn around and fill that gap.
Source: Daily_Forex - 🏆 567. / 51 Read more »
USD, Gold, S&P 500: How Have Markets Reacted to US CPIAs market participants await the US CPI report, it appears markets are somewhat front-running a possible lower than expected number with the US modestly, while bonds and equities have edged higher. Get your market update from JMcQueenFX here:
Source: DailyFX - 🏆 305. / 63 Read more »
Gold Price Forecast: XAU/USD bears firming at critical 38.2% Fibo daily resistanceAt the time of writing, the gold price is some 0.8% higher and correcting from daily support located in the lows of the day at $1,832.07. At $1,853.40
Source: FXStreetNews - 🏆 14. / 72 Read more »
Gold Price Forecast: XAU/USD freezes around $1,850 on strong US CPI, DXY stable above 104.00Gold Price Forecast: XAU/USD freezes around $1,850 on strong US CPI, DXY stable above 104.00 By Sagar_Dua24 Gold XAUUSD DollarIndex Fed Inflation Sagar_Dua24 CPI wasn’t strong less than last month so what the fuss ?
Source: FXStreetNews - 🏆 14. / 72 Read more »
Gold Price Forecast: XAU/USD tumbles to near $1,850 as DXY rebounds, US PPI eyedGold Price (XAU/USD) has slipped to near $1,852.00 as the US dollar index (DXY) has rebounded sharply after trading lackluster in the early Tokyo sess
Source: FXStreetNews - 🏆 14. / 72 Read more »
Gold Futures: Door open to further gainsCME Group’s flash data for gold futures markets showed open interest increase for the second session in a row on Wednesday, this time by around 4.7K c
Source: FXStreetNews - 🏆 14. / 72 Read more »