Gold Forecast: Markets Continue to Grind Toward Big Figure

It is possible that the 200-day EMA will provide some level and is currently near the $1,762 level. The gold market is slightly higher during the Thursday session as we continue to see the market move towards the important $1800 level. We saw a lot of selling earlier when we arrived, so it’s worth noting that this level can be hard to beat. If we do that, it will open the possibility of a move to the $1825 level. After that, we can look at a move to the $1875 level. Advertisement It’s a new week, are you ready for a new broker? Open an Account with a Top Broker TRADE NOW Having said all that, you have to remember that next week there is an announcement from the Federal Reserve, which is expected to be 50 basis points high, but the real question is whether they sound like they are going to stay extraordinarily tight on monetary policy. In addition, gold is driven by the idea of ​​a recession, and in this environment, there could be a situation where the US dollar and gold accelerate at the same time. In addition, the US consumer price indices will be presented on Friday, so there is also a boom on the way. I think the most likely moves are a bullish grind based on the futures market, as opposed to the spot market, which is still struggling at $1,800. The futures market is already breaking through the range. Much work ahead In retrospect, it is possible that the 200-day EMA will bottom out and is currently near the $1762 level. Anything below those could trigger more selling, but we should see interest rates start to rise again and perhaps even a strong dollar rally. (Again, despite what you’ve been told, the US dollar and gold can go up at the same time under the right circumstances.) Finally, it looks like we’re trying to break through a major resistance barrier, and that usually means a lot of work ahead. This may be evidence for now, but it’s worth noting that Monday’s candlestick was great on the downside, so I think there’s still a lot of trouble on the upside and we need to approach the market with it. prism If we can clear the above hurdle, we can consider moving to $2000.

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