Gold markets have fallen rather hard during the trading session on Tuesday to break down below the $1970 level. XAUUSD GOLD gold Gold
The market also has the 50 Day EMA sitting at the $1925 level, and of course, going higher. Because of this, the market still has plenty of buyers between here and there to lift this market.
If we do rally from here, the $2000 level is an area that has offered quite a bit of resistance previously and is a large, round, psychologically significant figure. The market will then try to decide whether or not we can continue to go much higher, perhaps reaching the $2050 level. At this point, the market continues to see a line of value hunting, and that of course is a big part of what is going on in the long term.
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