Gold markets have initially fallen during the trading session on Thursday but then turned around as the CPI figures in the United States came out at 5% annually. Whether or not that actually sticks is a completely different question but at the end of the day it looks like gold continues to find buyers.
Gold Price Predictions Video 11.06.21
This does not necessarily mean that gold is suddenly going to take off for a bigger move, but it is worth paying attention to the $1920 level as the market breaking above there would of course be a very bullish sign and could see money following in order to chase the momentum. To the downside, I still believe that the $1850 level is an area worth paying attention to, as it has shown itself to be rather resilient and also has the backing of the 50 day EMA which is quickly approaching. Underneath there, then you have the previous downtrend line and the 200 day EMA. All things being equal, I do think that will be a very difficult area to break down through, so a bounce from there makes quite a bit of sense if we do get that type of selling pressure.
On the other hand, if we do break out to the upside then I think we go looking towards the $1950 level, possibly the $2100 level over the longer term. I think that this is a market that will continue to be very choppy, and I fully anticipate that the most important thing you can do, and trading gold right now is to pay attention to your position size, as you do not want to get too over levered.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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