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MENAFN- Daily Forex)
- During my daily analysis of the commodity markets, gold is looking rather interesting as we are starting to see the market try to break out above a minor resistance barrier.
- That being said, market participants continue to watch the bond market for ideas as to where the gold market might go. After all, with the yields being as high as they are in America, this does cause a certain amount of trouble.
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The technical analysis is basically neutral at this point, as the 50 Day EMA is relatively flat. That being said, the $2670 level has been a little bit of a short-term resistance barrier in this market, so if we can break above here, it's possible that the market might go back to the top of the intermediate consolidation range that we have been trading in, with the $2720 level offering a bit of resistance, and the $2600 level as a support level.
All things being equal, I do keep an eye on the fact that even if we were to break down below the $2580 level, then it's likely that we could go down to the $2550 level, followed by the $2500 level which is also backed up by the 200 Day EMA. In other words, if we do break down from here, I think it is going to end up being a buying opportunity sooner or later.
If we were to break out above the $2725 level, then I don't think there's much to keep the gold market from racing toward the recent highs that we had seen in October. Anything above there then opens up the possibility of a move to the $3000 level, but quite frankly, at this point I don't think we have that type of momentum. This is especially true considering that Friday is Non-Farm Payroll in the United States, that will have a directive effect on what's going to be coming from the Federal Reserve, so I think at this point it's just essentially going to be thought of as“Brownian motion.”
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