Gold markets have gone back and forth during the trading session on Monday, as we are trying to figure out where to go next. Quite frankly, this is a market that has been a bit overdone recently, so the fact that we have pullback should not be a huge surprise. After all, the market cannot go in the same direction forever. Furthermore, there are a lot of concerns as to what the Jackson Hole speech might be from Jerome Powell, and whether or not he will signal that the Federal Reserve is ready to continue flooding the markets. Quite frankly, I do not see how that is not the case, but traders tend to be very dramatic to say the least.
Gold Price Predictions Video 25.08.20
Ultimately, the 50 day EMA is sitting just below the $1900 level, and that is an area that I think will attract a lot of attention. If we were to break down below there, then we have massive support at the $1800 level as well. To the upside, the $2000 level above will of course be a target and a psychological barrier. All things being equal though, I do not think it is an area that cannot be broken, because quite frankly we have previously. In fact, if we break above there, then it is likely we go even towards the $2100 level. All things being equal, I am a buyer of dips that I have no interest in shorting this market anytime soon, because quite frankly we are in a massive uptrend for multiple reasons, not the least of which of course will be central banks. #gold##USDollarIndex#
Reprinted from Fxempire，the copyright all reserved by the original author.
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