Gold Continues to Build Upward Pressure- forextrade forextrading
On the other hand, if we break down below the bottom of the candlestick, then it’s likely that we could go down to the $1725 level. After that, we have a potential “hanging man” if we break down below the bottom of the candlestick, and of course, we would not only break down below that candlestick but break down below the 200-Dayas well. All things being equal, that would of course be a very negative turn of events.
It is possible at this point that we would see at the very least some consolidation, so I would be a bit concerned if we shot straight up in the air since overbought markets tend to get wrecked. There have been some rather large gold orders as of late, so the question is whether these big players are done at this point. If we do break out to the outside, then we could look at a move all the way to the $2000 level based on historical price action. I think we are going to continue to see a lot of stomach-churning volatility because quite frankly theclaims it is not done slowing down the economy.
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