Gold Today 28/11: Holds Firm Near 50-Day EMA (Chart)
Date
11/28/2024 3:02:01 PM
(MENAFN- Daily Forex)
During the daily analysis of the Gold market, I recognize immediately that we are sitting around the 50 Day EMA again, and it looks like we are trying to build up a bit of pressure to make a bigger move. That being said, you also have to keep in mind that the market has to deal with the fact of Thanksgiving looming large, which of course has a major influence on the futures market. The futures market intern will have a major influence on the CFD market, so all things being equal, Thursday could be rather rough for a momentum trade.
That being said, I still think this is a market that has a strong uptrend involved in it, despite the fact that the Monday session was so brutally ugly. Monday session fell apart as it was announced that Israel and Lebanon are coming to a cease-fire going forward, and if that's going to be the case, takes off a little bit of the geopolitical issues that can drive gold markets.
Traders are going to have to take into account that Ukraine is still in a state of war, and it seems like we are only seen the war expand as far as danger is concerned, and of course weaponry. It's gotten so bad that the French and the British both are threatening to send troops to Ukraine if the United States doesn't go along with the plan. With this being the case, the market is likely to continue to see some traders buying gold to protect their wealth.
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The technical analysis for this gold market is still strong, due to the fact that the trend line underneath is still holding, and of course we are trying to break above the 50 Day EMA. If we can rally from here, then it's likely that the market could go looking to the $2700 level, which is where we had previously seen selling pressure. If we can break above there, then the market is likely to go looking to the $2800 level.
EURUSD Chart by TradingView
Short-term pullbacks continue to be buying opportunities from everything I see, and at this point in time it looks like the“floor in the market” is close to the $2500 level. The 200 Day EMA is sitting just below there and rising, which of course would have a significant technical influence as well. I believe this remains a“buy on the dips” market.
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