Gold markets rallied somewhat during the trading session on Wednesday, approaching the downtrend line that forms the triangle that I have marked on the chart. Having said that, even if we break through here, I won’t read too much until we break above the $ 2000 level. Yes, I like gold in the longer term, but the reality is that the US dollar is starting to fight a bit against many assets in Everyone, if that’s going to be the case, it’s hard to imagine that gold won’t recover. a bit of a throwback too.
Gold Price Predictions Video 09.17.20
Any pullback at this point would have to see a breakout of the 50-day EMA at the minimum, if not the $ 1900 level. If we can break below the $ 1900 level, then the market is likely to look towards the $ level. 1800, which I think is even more optimistic. All things being equal, I think Jerome Powell’s press conference after the Federal Reserve meeting will be crucial as to where we go next, and perhaps even more important would be the market’s reaction to possible US monetary policy. .
If we can get a daily close above the $ 2000 level, then the market should be ready to go much higher. Otherwise, you’d have to assume that we continue to cut between the current levels and the 50-day EMA, which has been the case for several weeks. Ultimately, this is a market that is in an uptrend, so I don’t necessarily like to short it just yet.
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