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Investors may want to consider buying gold against commodity currencies, as they are likely to be vulnerable at this point.
Gold markets saw significant gains during Friday’s trading session, leading to a sense of fear in the market heading into the weekend. The market is testing previous highs, which could indicate a push towards the $2000 level. However, the market may be overextended and due for a short-term pullback. That being said, there are meetings over the weekend that have to deal with the banking situation, and therefore when so many different national regulatory bodies have a conference, it’ll be interesting to see how the markets behave after whatever announcement comes.
If a pullback occurs, the $1920 level is likely to offer some support, with the $1900 level serving as a significant level due to market memory and previous resistance. The market is currently driven by fear, and the fact that people are willing to hold onto gold into the weekend suggests that it will remain strong.
- The upcoming Federal Reserve interest rate decision will play a role in determining the future direction of the US dollar, risk appetite, and gold.
- The market is currently characterized by uncertainty, leading to a lot of back and forth.
- If the market breaks below the $1900 level, there could be a run towards $1850, but that seems unlikely at this point.
Having said that, if we do break down that significantly, and you need to be well aware of what’s going on with the US dollar, and of course interest rates as they could work against the value of gold. It is worth noting that the 200-Day EMA is all the way down at the $1817 level, but gold is likely to remain strong against most other currencies as well. Investors may want to consider buying gold against commodity currencies, as they are likely to be vulnerable at this point.
At the end of the day, gold markets saw significant gains during Friday’s trading session, leading to a sense of fear in the market. The market is testing previous highs and may be overextended, leading to the possibility of a short-term pullback. The $1920 level is likely to offer support, with the $1900 level serving as a significant level due to market memory and previous resistance. The market is currently driven by fear and uncertainty, with the upcoming Federal Reserve interest rate decision playing a role in determining the future direction of the market. Gold is likely to remain strong against most other currencies, with investors potentially buying gold against commodity currencies.
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