Gold Price Prediction — Gold Retraced From 200-Day EMA

Gold markets have declined early in Thursday’s trading session, falling below the 200-day exponential moving average (EMA).

As the 200-day exponential moving average (EMA) was breached during Thursday’s trading session, gold prices plummeted. This will certainly give the impression that the market is taking a breather, but we must also keep a close eye on the interest rate situation in the United States. As a result, I believe the market will continue to be extremely volatile, and if the price falls below $1750, it might reach the 50-day exponential moving average, which is closer to the $1700 level.

In spite of this, I believe that a variety of contagion risks will continue to cause individuals to seek refuge in the U.S. dollar, and hence it is possible that gold will take a slight hit. Whether gold will reach the lows again is an entirely separate question, but it appears that we are attempting to draw back in order to at the very least deflate the market.

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On the other hand, if we were to reverse a break above the $1800 mark, there is a chance that we may show signs of life on the upside. It is possible that we could reach $1900 at that point. Ultimately, this market remains active, but it has gotten much too far ahead of itself to retain its current speed. In other words, a pullback makes a lot of sense, regardless of whether this is a market that should go higher or down. We must at the very least consolidate.

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