Gold Continues to Test a Rising Wedge - XAUUSD gold xauusd buy
Keep in mind that the 200-Day EMA underneath could offer a bit of support, I think it’s probably likely that we will continue to see that act as an area that people might be interested in. If we were to break it down below there, then the 50-Dayis almost immediately below it. Speaking of which, we may get the so-called “golden cross” that longer-term traders like to trade-off.
On the other hand, if we turn around a break above the $1825 level, then it’s possible that we could go looking to the $1875 level. At this juncture, I think this is a market that’s probably going to suffer at the hands of an illiquid environment as we head into the holidays, but longer-term it certainly looks as if there are buyers willing to jump in and take advantage of the situation when we pull back.
On the other hand, please suddenly get a massive surge in the US dollar, which could put a bit of pressure on gold, but it’s hard to tell whether that will be long-term. We have seen in the past where both can go higher, especially in recessionary times as people are trying to protect wealth in times of uncertainty. All things being equal, I think the market still has plenty of buyers, but we may need to do a little bit of destruction to offer enough value.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'Bloody Christmas' in Cyprus continues to haunt people 59 years onHorrors of ‘Bloody Christmas’ haunt Turkish Cypriots, 59 years after Greek Cypriot terror group EOKA killed over 370 people and displaced 25,000-30,000
Read more »
Live updates: Search continues for missing Columbus twin babyThe search continues for 5-month-old Kason Thomas, who was still missing after his twin brother, Kyair, was recovered in an airport parking lot.
Read more »
Gold Price Forecast: XAU/USD consolidates below multi-month top, bullish potential intactGold Price Forecast: XAU/USD consolidates below multi-month top, bullish potential intact – by hareshmenghani Gold Commodities CentralBanks InterestRate SEO
Read more »
Gold Technical Analysis: Price is Heading Towards OverboughtGold futures cleared the $1,800 psychological resistance as a weak US dollar and a shock from the Bank of Japan (BoJ) supported the metals market.
Read more »
DC Democrat calls for more police as crime continues to plague districtLongtime Washington, D.C., Democrat Denise Rucker Krepp criticized her own party for its stance on criminal reform and believes more police are needed to combat a 'crime surge.'
Read more »
Amber Alert Ohio: Search for 5-month-old boy, suspected kidnapper continues into 2nd dayPolice said he and his brother were abducted inside a running car while their mother ran in to get a DoorDash order in Columbus, Ohio.
Read more »