For most markets, the US dollar has been like a wrecking ball, and gold has been no different. Ultimately, this market has broken significantly through the 200-Day EMA, which is a very negative sign for most technical traders. Given enough time, rallies will continue to attract sellers, and it looks as if the “fear trade” has gripped the markets entirely.
If we were to break above the 200 Day EMA, then it is likely that we could go higher, perhaps reaching the $1880 level. That is an area where we had seen a lot of selling previously, and therefore I think it makes quite a bit of sense that we would see short sellers coming back into the market. I am not interested in buying this market because, quite frankly, the US dollar looks like it is nowhere near selling off anytime soon.
Ultimately, it seems as if we go much lower. Pay close attention to your position size, these types of markets get very dangerous.
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