Gold trading tip of the day: keep your position size reasonable, as the markets will continue to be difficult to say the least. Read more: Forex gold
At this point in time, one has to wonder when this will end, because the volatility is starting to get out of hand. There are a lot of concerns when it comes to the Federal Reserve and what they are doing, but at the end of the day it seems more likely than not that the buyers are trying to defend the $1800 level. We have seen wicked moves on short-term charts during the session that the daily chart gives no justice to.
To the downside, the $1800 level is probably the most obvious area of support, not only because of the large round number sitting there, but the fact that the 200 day EMA is sitting there as well. If we were to break down below there, then it is very possible we could go looking towards the $1785 level underneath as support and breaking that would be even more negative.
With this being the case, I think we will continue to bang around in the same box that I have drawn on the chart.
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