During the trading session, it has been difficult to obtain a firm grasp on the gold markets, as they have been quite turbulent. Nonetheless, from a longer-term perspective, we are relatively range-constrained, so it seems reasonable that we would observe this sort of noise. This market has the 200 Day Exponential Moving Average (EMA) resting slightly above it and moving sideways, while the price is at $1855. After that, you have the 50-day exponential moving average, as well as the top of the entire trading range and the $1880 level. In the longer run, gold might reach $2,000 if there is a rally at this time that breaks beyond that threshold.
On the other side, we might very well break down, and if we do break down below the bottom of the candlestick for Wednesday’s trading session, we could see a decline below $1800. Not only does the $1800 level have psychological support from the past, but it also has an uptrend line. In such a circumstance, it is more probable than not that purchasers will return to the market. However, if we were to surpass this level, it would be a disastrous development for the gold market, sending prices plunging.
