Gold Markets Technical Analysis
Gold markets are testing the crucial 2,300 support barrier, and at this point, we will have to determine whether or not the uptrend in gold will hold. If we break down below the $2,280 level, and I suspect we have a situation where gold probably falls quite drastically. At this point, the US dollar is strengthening against a lot of currencies, but I don’t know if it is enough to break down gold. We’ll just have to wait and see. I do expect a huge fight here, so it’ll be interesting to see how this plays out, but given enough time, we are going to have to resolve this.
Are we continuing to consolidate or are we on the precipice of something rather destructive? If we fall from here, the $2,200 level could be targeted as well as the 200-day EMA, which is just above the $2,150 level. This is a market that of course is being absolutely destroyed by volatility, so we need some calm in this market.