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Gold Markets Technical Analysis
Gold markets have fallen a bit during the trading session early Thursday morning, but we are approaching an area that is in fact supported as we have seen over the last couple of weeks. So I do think it’s very likely that we could see a bit of interest in gold here. Whether or not we can bounce enough to break back above the $2,900 level is the question. And if we do, then I think we just go back towards the top of the range near $2,950 or so. Anything above opens up the possibility of a move to the $3,000 level.
That being said, if we were to break down below the $2,870 level, then we might have a little bit of a deeper correction, perhaps down to the 50-day EMA and the $2,800 level. This, of course, is an area that is a large, round, psychologically significant figure, and a lot of people would be paying close attention to it. The 50-day EMA being there, of course, lends more credence, but it’s also worth noting that it was a major swing in late October of last year, and therefore I think a lot of people will be paying attention to that region, perhaps trying to pick up cheap ounces.
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