In gold, the emotions are likely to have ridden a rollercoaster in the past few weeks. At first you probably couldn’t stop yourself for joy, then came the rude awakening. It was not until the end of June / beginning of July that the bulls were really strong enough to leave the previous range below around USD 1,750. The subsequent upward trend began relatively unspectacularly and initially there was consolidation until July. But then the cops panicked and bought what they got. The price rose in a straight line from around USD 1,800 to a new all-time high of USD 2,075. There was a severe correction there. In just one trading day, the profits of more than a week were pulverized and within a very short time the gold price was back at USD 1,862. There, however, the EMA 50 thwarted the bears and towards the end of last week the buyers were able to regain some ground.
With a dynamic movement the question arises again and again whether this was a stop run or a new impulse. Because it makes a big difference. In the event of a stop jump, there is a rapid stabilization in order to then resume the previous trend. If so, gold could stabilize around $ 1,850 and then bounce back to $ 2,100 and beyond. However, if last week’s selling was a bearish impulse, it could move further down to the USD 1,750 area after a small interim recovery.