(MENAFN- Daily Forex) Gold markets have done very little during the trading session on Thursday, perhaps in a bid to take a bit of a breather after the massive moves that we have seen over the last couple of days that ended up in nothing but noise. Ultimately, gold must worry about the US dollar and interest rates, both of which are going to be rising over time, so I am still bearish of gold, but I also recognize that we are in a major structurally supported level.
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Looking at this chart, you can see that we are hanging around the $1680 level, an area that is a major level of interest on longer-term charge. Now that we are hanging around this area, all it comes down to is whether there is something to kick this market over, so that he can start falling again. After all, it is difficult to imagine a scenario where we are suddenly going to see the US dollar get hammered, which is probably what it would take to seek gold fall for any significant amount of time.Look for Shorting Opportunities
- Looking at this chart, I think you can see just how noisy this is probably going to be, so I would not get aggressive when where the other until we break down below the most recent lows.
- If we do, at that point in time I suspect that gold will go looking to the $1500 level, the next large, round, psychologically significant figure.
- In that general vicinity, I expect to see another fight, followed by the $1200 level, which is a major area of support as well.
Gold is falling right along with everything else against the US dollar, and I just don't see how those changes anytime soon. With that being the case, I anticipate that it is probably only a matter of time before we see further selling of gold, at least if we stay below the 50-Day EMA , which happens to be at the crucial $1750 level, an area that has been important multiple times in the past. Market memory in that general vicinity should continue to be crucial, so breaking above that would obviously be a major turn of events. Pay close attention to the bond market, because if interest rates continue to rise, you can see a nice shorting opportunity.
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