Gold Forecast 19/10: Bulls Eye $4,250 Breakout (Video)
(MENAFN- Daily Forex) The gold market is currently trying to break higher, but we find ourselves being stuck in the same range we have been in for some time.GoldThe gold market continues to see a little bit of upward pressure on dips, but we have given back some of the gains.It is worth noting that part of what is going on is that traders are jumping into the bond market and buying bonds, driving down yields. At least that is what had happened in the middle of the week. On Friday, we saw a little bit more of the same initially, but now it looks like rising rates are putting a little bit of downward pressure on gold.Top Regulated Brokers1 Get Started 74% of retail CFD accounts lose money At the end of the day, we are basically testing this overall consolidation area between $4,000 and $4,200. With this being the case, the market is likely to continue to see a lot of buy-the-dip attitude as long as rates do not go crazy. But if we can break above the $4,250 level, then we could see a little bit of upward mobility in gold continue to matter hereAgain, I need to see those rates dropping. If rates start spiking again, then I think that drives down the gold market. Anything below $4,000 will be a major turn of events, and it could see gold really fall apart.
With all of that being said, I think it will take some time to make that happen, if it is, in fact ready to happen. Gold, I think, eventually does take off to the upside. The question is, do we need to break this major barrier first?
EURUSD Chart by TradingViewLonger term, I do like gold, but in the short term, this is all about rates. Rates jumped later in the day, and you can see gold has given back some of the initial strength. I think the overall choppiness here continues to be a scenario where short-term traders are probably going to be very nimble and active.Ready to trade today's Gold prediction? Here's a list of some of the best XAU/USD brokers to check out.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Comments
No comment