Gold has
been consolidating during the past few weeks, oscillating around its 200 day
EMA, which is at the 1230 level, but today the precious metal has rallied once
again, breaking above the highs that it made around the 1245 level. The
uncertainty surrounding the FED decision on interest rates has pushed the
traders and investors to seek the safety of gold. The Dollar has been retracing
to the downside and due to its negative correlation to gold, this has also
supported today´s rally on the precious metal. If the greenback continues
falling, then it is possible for gold to keeps its bullish trend and it may try
to reach the 1300 level. But we must be aware that on the way up, the price of
gold may have some pullbacks. Below the 200 day EMA, blue line, the 55 day EMA,
purple line, may act as support in case the price falls to that zone. The 1200
level may also act as a good support zone for gold.
Very helpful assessment as always.
ReplyDeleteWell spotted! I'll keep a close eye on it.
ReplyDeleteInsightful information.
ReplyDeleteIt's very bullish indeed.
ReplyDeleteVery interesting! Thanks!
ReplyDeleteUseful information, thank you for sharing!
ReplyDeleteGood point! I´ll be watching to those levels.
ReplyDeleteVery helpful and insightful analysis, excellent.
ReplyDeleteGold is on the rise.
ReplyDelete