Gold Spot Low $1789 Mint Money or Not. Gold markets have broken down during the trading session on Tuesday as the US dollar has picked up a bit of momentum.
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Gold Spot Low $1789 Mint Money
That of course is toxic for gold prices, and we have even pierced the $1800 level. Between the $1800 level and the $1750 level, I suspect there is a significant amount of support that traders will be looking at. The question now is whether or not the Is Gold Still Bullish?, or are we simply forming a larger basing pattern? I think that still a bit of an open question but with yields rising in the United States, if it does not stop, that will cause a breakdown in the gold market.
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The shape of the candlestick does imply that there is a certain amount of support underneath though, as we have seen a significant turnaround in the market as New York came on board.
Whether or not we can break above the 50 day EMA above will determine whether or not we get a bigger move. Ultimately, I do think that this is a scenario that will continue to be very noisy in general, but I think the next couple of weeks we should get some answers.
Pay close attention to the 10 year note, because the 1.30% level being broken to the upside could unleash a flurry of US dollar buying and by extension massive amounts of gold selling.
If it does not happen, then we may be still able to save the overall uptrend. Short-term back-and-forth range bound trading is probably about as good as it gets in the meantime, with an eye on the $1860 level above offering significant resistance.
Disclaimer
This article is intended for educational purposes only. The views and opinions expressed are those of individual analysts or brokerage firms and do not represent the views of GoldSilverReports.com. Investors are strongly advised to consult certified financial experts before making any investment or trading decisions.
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