Gold Price: Gold markets have rallied during the trading session on Thursday initially, but then turned around to show signs of weakness and exhaustion. It appears that the $1820 gold price level is still going to be difficult to get above, I think we are going to spend the rest of the year in this trading range that we have been in.
Gold Price: Gold Markets Give Up Early Gains
It is also worth noting that both the 50 and the 200 day EMA are close, and both are flat. In other words, there is no real momentum based upon those indicators at all. To the downside, I see the $1775 gold price level as potential support, so we will have to see if we can break down below there.
In the short term, I prefer to fade rallies that show signs of exhaustion, but I also recognize that the lack of liquidity over the next several trading sessions is going to be a real problem. Because of this, I am going to use very small positions, because a sudden headline can cause a massive spike this time a year.
Keep an eye on the US Dollar cap Index, it has a negative correlation to the gold market. You should also pay attention to the interest rate situation, and whether or not real rates are rising. If they are, then that is generally bad for gold, because then you have the ability to hold paper instead of paying for storage, something that most retail traders do not think about.
Keep in mind that the gold price continues to be very noisy and probably will stay that way between now and New Year’s Day, making it difficult to get overly aggressive in one direction or the other.
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