Gold Forecast 08/10: Key $4,000 Support In Focus (Video)

(MENAFN- Daily Forex) The gold market has plunged during trading on Wednesday as we have broken through the bottom of the trend line. I think the trend line that goes back to the early part of the year is probably more or less going to be dissolved.

That being said, the market does seem to have a lot of demand between $4,200 and $4,000. This is a $200 area of importance. I think it is going to continue to be a situation where traders will be trying to forge ahead and perhaps find a reason to go long. But interest rates continue to rise in the United States, and that causes a massive problem for gold most of the time.

Top Regulated Brokers1 Get Started 74% of retail CFD accounts lose money Longer term, I do like gold.

Market participants continue to see this as an area of interest. If we were to turn around and show signs of life, I would be looking to the 50-day EMA, possibly near the $4,325 level. If we break down below the $4,000 level, then it will be very negative.

That being said, in general, this is a market that I think will eventually see quite a bit of volatility, but also a lot of interest. If we can get rates to roll over, then gold might be one of the first places I pay attention to. But it will be difficult to really get this thing moving without traders out there worrying less about inflation. Right now, it just is not going to happen.

EURUSD Chart by TradingView

Longer term, I do like gold. Central banks are buying it hand over fist, and we are at an area of confluence, but we just do not have the momentum.

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