Gold markets initially sold off on Wednesday but then turned around to show signs of life again as we broke above the $1810 level.
Enter your emailThis is a market that will continue to be noisy, so the most important thing that you can do is be cautious with your trading position and your trading account. markets initially sold off on Wednesday but then turned around to show signs of life again as we broke above the $1810 level.
That being said, the market continues to see a lot of noisy behavior, so I think you are going to have to be cautious with your position sizing. Regardless, I still favor the upside simply because we have more room to run to the upside than the downside. The downside has a lot of support at the $1780 level, and we need to pay close attention to that, but the $1830 level above is the most likely of resistance barriers, as it is the top of the gap.
The $1780 level has been rather important multiple times, so if we do break down below there, I think we might see an acceleration, perhaps a much quicker move then we would to the upside. If we can break above the $1830 level, then it is likely that we could go to the $1850 level over the longer term. In general,
this is a market that will continue to be noisy, so the most important thing that you can do is be cautious with your trading position and your trading account. Gold is more than likely going to be a very noisy and dangerous market, especially as we have two central banks on Friday meeting, and then the jobs number.
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