Gold is giving up resistance barriers. Find out why: forex trading gold metals money market trades
Underneath, the $1600 level will be important, and I think that it is likely that we will see that area offer a bit of a fight, but if we were to break down below there, then it’s likely that we could go to the $1500 level. The $1500 level is a large, round, psychologically significant figure, and therefore a lot of people will be paying close attention to that as well.
I don’t think that happens, especially as the geopolitical issues out there continue to cause major issues. I think at this point, the market is likely to continue to see the US dollar bash the brains out of all assets, not just gold. The 50-Day is just above that $1700 level and is dropping rather rapidly. Because of this, I think it’s only a matter of time before we see that offer resistance as well.
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