The gold markets are threatening major support. See how this will affect you here:
Enter your emailRight now it looks like value hunting is trying to come back into the market late during the session.That being said, by the end of the day we started to see a little bit of a recovery, so it will be interesting to see what happens next. This is an area where I would anticipate a lot of value hunting going on, and in the inflationary environment that we find ourselves in, it would make sense for people to be interested in gold.
On the other hand, if we were to take out the highs from the Tuesday session, we could likely go looking to reach the 50-day EMA which is currently at the $1924 level. The market has tried to break down, but we are essentially at the bottom of a larger consolidation area, which is between the $1880 level and the $1970 level. The US dollar has been rallying at the same time, but that is not necessarily a problem, considering that interest rates are rising in America due to inflation.
The size of the candlestick during the trading session on Wednesday was not overly drastic, so I do not necessarily think that we have to worry about whether or not it tells us anything other than we tried to break through to the downside but failed. If we break down below the $1880 level, that could open up a flood of fresh selling and send this market much lower.
right now it looks like value hunting is trying to come back into the market late during the session.
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