Gold Price Forecast – Gold market reaches 200 day EMA

Gold market technical analysis

The gold market rallied to start the trading week on Monday after testing the 200-day EMA. At the moment, the market looks as if it is continuing to make a fuss, and I think we’ll see some hesitation and / or sell, it’s probably a matter of time. In the end, it will come down to the US dollar more than anything else and of course bond yields.

The 200-day EMA has a certain amount of psychological significance, so it is likely that we will see traders in this general vicinity attracted to the market. That being said, the level below $ 1800 has provided a significant amount of support, so we can try to get into some sort of consolidation phase before recovery.

A market break above the highs of Monday’s trading session would be a good sign, and it will almost certainly keep people in line with the 50-day EMA. Breaking above that then the market challenge has 1900. It’s a bit hasty to determine if this can happen, but it’s definitely something to keep in mind. Gold has a lot of influence, and at this point, if I could be a metal trader, it would be the gold of which I would be the buyer. Silver fading assemblies are actually more likely to be the business I take, or maybe some kind of “pair trade” when I sell silver and buy gold. All things being equal, we bought a little more so the pullback probably made sense regardless.

Gold Price Forecast Video 24.05.22

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This article was originally posted on FX Empire

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