Gold Markets Technical Analysis
Gold markets rallied slightly during the early hours on Wednesday, but quite frankly, we’re just hanging around. The 50-day EMA underneath will offer a bit of support, so pay close attention to that and it is sitting just above the $2,300 level, which of course is a large round number that a lot of people will be paying attention to. It’s the bottom of the overall range to begin with, and of course, like I said, it’s a big round number.
If we were to break down below $2,300, that could kick off a sharper decline, but I see massive amounts of support at various places underneath with the most obvious one being the $2,150 level where the 200-day EMA is rapidly approaching and where we had seen previous support. On the upside, if we can break out above the $2,365 level, it’s likely that we could go looking to the $2,400 level and then eventually the $2,450 level.