The gold markets rallied during Wednesday\u0027s trading session, reaching towards the 50-Day EMA.
This is likely, as traders seek to protect their wealth in the current environment. After all, do not underestimate the damage that was done to portfolios last year, and of course the havoc that all of theThe 200-Day EMA has offered significantAs traders worry about currency depreciation worldwide, gold makes sense as a safe haven asset. The market is expected to try and reach towards the highs but breaking past the crucial $1900 level has been difficult for buyers in the past.
makes sense. Because of this, I think the market is going to do everything you can to test those previous inverted hammers, and perhaps try to break above there.. However, keep in mind that volatility remains extreme in most markets, and multiple opportunities are expected to arise. You will more likely than not will have to look to short-termto place your trade, because the longer term traders are going to have to deal with a significant amount of volatility.
I don’t have any interest in shorting this market anytime soon as gold has proven its resiliency at a major level in the last few days.
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