We lost a lot of the big gains, and now gold seems to be exhausted in trying to figure out what to do next. XAUUSD gold xauusd xauusdgold goldprice goldprediction
While that confusion was certainly enough, we then have the added benefit of St. Louis Federal Reserve Gov. James Bullard coming out and stating that he was hoping for 100 basis points of tightening between now and July. This matters because he is a voting member of the FOMC and has even stated that the next rate hike should be 50 basis points. In other words, the Federal Reserve is about to slam on the brakes, and this had interest rates spiking yet again.
With that, we lost a lot of the big gains, and now gold seems to be exhausted in trying to figure out what to do next.After all, markets do not go straight up in the air forever, although I do think gold could go fairly well if we have plenty of inflation. However, if the rate of change in the bond market is too quick, that hurts gold as you can start to lock in something close to a real rate of return.
If we break above the top of the candlestick, then I do not see anything stopping us from going to the $1850 level, as it would be such a bullish sign. However, if we break down below the bottom of the candlestick, then we could very well go looking towards the 50 day EMA. Gold is a very volatile market currently, mainly because the bond market is getting heated up. As long as that is going to be the case, I will be cutting my position size
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