It is important to exercise caution in position sizing as it is likely only a matter of time before the market experiences a significant move in one direction or the other. At this point, traders need to make a more substantial decision regarding the market's direction over the longer term. Over the past few weeks, gold has been very volatile and experienced a significant pullback. ![]() The gold market has been significantly influenced by the interest rate markets, as they have a major impact on both the US dollar and the gold markets. Breaking below this level could result in a significant decline in gold prices, potentially down to the $1620 level. A further decline below this level could lead to a potential drop to the 61.8% Fibonacci level, currently around the $1750 level. If the market breaks down below the 200-Day EMA, it is possible that it could fall to the $1800 level. Get started! Techncial Levels to Watch Out
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