Gold markets Technical analysis
Gold markets fell a bit during the trade session early Thursday morning, but we are approaching an area that is in fact supported as we have seen in recent weeks. So I think it is very likely that we can see a little interest in gold here. Whether we can bounce enough to break back above the level of $ 2,900 is the question. And if we do that, I think we just go back to the top of the range almost $ 2,950 or so. Everything above opens the possibility of switching to the level of $ 3,000.
That said, if we were to break down below the level of $ 2,870, then we might have a bit of a deeper correction, perhaps up to the 50-day EMA and the $ 2,800 level. This is of course an area that is a large, round, psychologically significant figure, and many people would pay close attention to it. The 50-day EMA that exists naturally gives more credibility, but it is also worth mentioning that it was a big swing at the end of October last year, and that is why I think that many people will pay attention to that region, perhaps try to pick up cheap gram.