FXEMPIRE
All
Ad
Advertisement
Advertisement
Christopher Lewis
Add to Bookmarks
Gold

Gold markets have rallied a bit during the course of the trading session on Tuesday but then gave back the gains above the 50 day EMA. The market continues to look confused at best, and at this point in time it looks like the market is going to continue to go back and forth as we dance around the two major EMA indicators.

Gold Price Predictions Video 21.07.21

It is worth noting that the candlestick for the Monday session was a hammer, so now we have a bit of conflict, showing a major amount of indecision in general. With this being the case, the market is likely to continue to see a lot of back and forth, and indecisive behavior. At this point time, the market is likely to see a lot of volatility, especially as there are concerns about the global reopening situation as the Delta variant reps through various emerging markets.

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.

Ultimately, this is a market that will move counter to the US dollar, and therefore you need to pay close attention to the US Dollar Index as well. Ultimately, as the US dollar strengthens it suggests that people are much more interested in owning bonds than they are gold. If that is going to be the case, then it is very likely that we will continue to see downward pressure. If we break down below the hammer from the Monday session, then I think the market is likely to go towards the $1750 level. If we break down below that level, then it is possible that we go looking towards the $1680 level next. To the upside, we need to wipe out the losses from late last week to go towards the gap above at $1860.

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