However, gold continues to serve as a store of value, so a complete market collapse seems unlikely. As the market drifts lower, it will have to contend with the 61.8% Fibonacci level and the 200-Day Exponential Moving Average, both of which are situated around the same level. From a technical analysis perspective, these factors should help keep the market buoyant.
However, if we were to break below these levels, the market could potentially unravel. In such a scenario, the gold market could plummet to the $1800 level, particularly if the bond market spirals out of control. Conversely, if the market recovers from this point, the 50-Day EMA above could pose a significant hurdle. A break above this level would likely target the crucial $2000 level, a significant psychological threshold that will attract considerable attention. Achieving this would put the market on track to revisit its highs.In the context of the ultra-long-term chart, the $2100 level is worth monitoring.
Given that we are currently situated between the 50-Day and 200-Day EMA indicators, the market is likely to exhibit choppy behavior within this range. Ultimately, gold markets experienced a downturn during Thursday's trading session, primarily in response to the Federal Reserve's influence on the market. Despite this, gold continues to serve as a store of value, and technical factors such as the 61.8% Fibonacci level and the 200-Day EMA should help keep the market buoyant. However, the market's future trajectory will depend on a variety of factors, including bond market dynamics and shifts in market sentiment.
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