- Gold has shown itself to be fairly strong during the trading session on Tuesday after initially dropping.
- That being said, we are still very much in a noisy type of environment, and I think that is basically what we're stuck with.
- Ultimately, I think the $3,500 level is worth watching very closely, as it is a large, round, psychologically significant figure.
This an area where we've seen some fights a couple of times in the past. And that being said, this is an ascending triangle. So that does suggest that we will continue to go higher, although it's not necessarily verified until we break above the $3,500 level on a daily close. Short-term pullbacks at this point in time, I think are still buying opportunities and I have no interest whatsoever in shorting this market.
The 50 Day EMA
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The 50 day EMA sits at the $3,370 level and is rising. It has acted like a trend line since the middle of May. And really you could even go far back as January of 2025. All things being equal, this is a market that I would look to the 50 day EMA for support. And then after that, we could go into the $3,300 level where I see even more support.
The $3,200 level is the floor in the market at the moment and the bottom of the ascending triangle. So the measured move would be $3,800 if and when we break out. Keep in mind this time of year is somewhat quiet when it comes to volume. And therefore, I think you have to look at it through a prism of maybe killing time with a slightly bullish tent to it, if you will, between now and the middle of September. I have no interest in shorting as things stand currently.
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