Gold markets rallied a bit during the trading session on Tuesday, reaching towards the $1748 level. We have pulled back from there to show signs of failure, and of course exhaustion. The gold market has been very bullish as of late, but it looks like we are going to pull back in order to try to retest the previous resistance area. At this point, the market looks as if it is going to continue to go towards the upside, but we may have a bit of a pullback in order to build up the necessary momentum.
Gold Price Predictions Video 08.04.20
Looking at the shape of the candlestick, that is obviously very ugly, but there is so much in the way of support underneath that it makes quite a bit of sense that there should be plenty of buyers. With that being the case, look at pullbacks as potential buying opportunities, and I think that the 50 day EMA underneath is massive support. If the 50 day EMA holds, we should continue to see more of an uptrend. That doesn’t mean it’s going to be easy, but the reality is that the market is going to be very choppy and dangerous. All things being equal, we should continue to go towards the $1800 level, possibly even the $2000 level. The breakout that had happened during the trading session will certainly have caused quite a bit of damage to stop losses, so it’s possible that we could eventually break through that area with a bit more certainty next time. It’s not until we break down below the 50 day EMA that I become slightly concerned.
This article was originally posted on FX Empire
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