Silver Gold MCX Tips Today : Gold markets have gone back and forth during the trading session on Tuesday as we have very little in the way of volume. That being said, we are sitting on top of the 50 day EMA which of course is somewhat crucial, and therefore it could continue to offer support.
The gold $1900 level above of course is a large, round, psychologically significant figure, and therefore a lot of people will be paying attention to it. With that being the case, if we can break above there then it is likely that we continue to go much higher, gaining at least $50 as that is the next major selling area.
After that, then we go looking towards the $2000 level. All things being equal, I have no interest in shorting this market, and I think that pullbacks are opportunities to get long of a market that has a lot of explosive momentum underneath.
The stimulus and central banks around the world continue to flood the markets with liquidity should continue to lift the value of gold in general. The 200 day EMA is sitting near the $1800 level, so that of course is something to pay attention to.
All things being equal, I believe that this is a longer-term uptrend ready to continue going higher, probably starting sometime next year. I have noticed in shorting, because quite frankly currencies in general are going to continue to be very soft as we are in the midst of a new currency war, especially now that we have had a pandemic that has crippled so many economies globally. Beyond that, you can also make a strong argument for the safety trade.