Gold markets bounced a bit on Monday, as we are near the $1675 level, an area that has been supportive more than once. The 50 day EMA is sitting just above.
Gold markets rallied a bit during the trading session on Monday, as the $1675 level continues offer support. The 50 day EMA is just above, so that is something worth paying attention to as well. If we can break above the 50 day EMA, which is currently at the $1700 level, then I think it is highly likely the gold will try to recover towards the top of the range, perhaps as high as $1750. I also see a short-term resistance barrier in the form of the $1730 level, so that is of course worth paying attention to.
If we were to break down below the $1675 level, then the $1650 level offer support, followed by the $1600 level. It is not until we break down below the $1600 level that I become a bit concerned about the longer-term uptrend and gold, because that would be a break of the 200 day EMA and of course an area that has been crucial more than once in the past.
Currently though, it looks like we are simply trying to consolidate gains that we have seen for ages now. All things being equal, I do like gold and I think there are plenty of reasons out there to think that gold will continue to go higher. Not the least of which of course is the massive amounts of central bank printing that are going on, and then of course all of the uncertainty that we have everywhere around the world. Economies are opening up, but at very weak levels.
Reprinted from fxempire, the copyright all reserved by the original author.
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