FXEMPIRE
All
Ad
Advertisement
Advertisement
Christopher Lewis
Add to Bookmarks
Gold

Gold markets initially pulled back during the trading session on Wednesday to reach down towards the 50 day EMA, before bouncing a bit and forming a bit of a hammer. At this point, we are still stuck between the 50 day EMA and the 200 day EMA indicators, so therefore not much has changed over the last couple of days. We are simply consolidating, trying to figure out where our next move is.

Gold Price Predictions Video 06.05.21

If we can break above the $1800 level, then it is likely that we go looking towards the $1850 level, followed by the $1950 level. This obviously would be helped by a weakening US dollar, and with the jobs report coming out on Friday that could end up being the catalyst. As of late, gold markets have been paying special attention to the bond market, but the bond market yields have calmed down. The question now is whether or not the market has stabilized in that area, or are we getting ready to see more volatility?

Advertisement
Know where Gold is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

If we were to break down below the $1750 level, then it is likely that we go looking towards the double bottom underneath. The double bottom underneath of course is an area that should be supportive so if we get down below there it is likely that we would break down towards the $1500 level. That would be a very negative move, and if we break the double bottom, I would be more than willing to start shorting this market. Until then, I think we simply go back and forth doing nothing.

For a look at all of today’s economic events, check out our economic calendar.

Advertisement
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker