Ticker tape by TradingView

Want Trade Alerts?

See all of our entries, exits, and analysis. 
Use code READER for 25% OFF!
Join VIP

December 17, 2021

Gold Breaks Above $1800, What Now?

Frank Cabibi

12/17/2021

The tapering process has finally been started as Fed chairman, Jerome Powell testified that they will speed up the process where by March, purchases will be reduced to $0. This has caused a sell off in the equities market but has inversely affected the price of gold.

Our outlook

The bulls are likely focused on inflation being as high as it is along with the quicker tapering process. As jobs numbers near full employment, economic slowdown seems unlikely. So, the only way gold can find more demand would have to be from those two factors mentioned above. Judging by this year's performance, it seems that gold will probably not be able to catch enough momentum from this news alone and may come down to support on the two key moving averages.

Trade Setups

XAUUSD

Price came up to test $1814 after crossing above the $1800 level on the 1D chart. This bullish move above the 50 and 200 DMAs could be promising for the precious metal, however, gold will have to close above these moving averages to increase the probability of a continuation to the upside. So far this year, gold has had very short-lived rallies, so it's important to look for indicators that will act as more long term catalysts.

new trade alert

Join The VIP Community!
Our entries, exits & analysis
Live Webinar Coaching
Trading Chatrooms
Strategy Library 
Use Code "READER" for $5 OFF!
JOIN NOW

FREE broker quiz

Need Help Finding The Perfect Broker?
Take our broker quiz and find out your best broker match!
FIND A BROKER

free Trading PLan

Download Now
Create a Trading Plan Using Our FREE Template
DOWNLOAD
A Market Surge Could Be About To Happen

A potential stock market surge could be gearing to happen soon as investors and analysts stay bullish. Some analysts are calling for a bottoming-out soon where price finds itself at a key level of support. Buyers look like they are ready to step in although stuck in volatile behavior that is rocking the discipline of […]

Read More
Read This Now Before You Buy Gold

Gold flies higher today amid inflation concerns in the US and globally. Even as treasury yields hit a 2-year high, the metal jumped above a key resistance level and is looking to test another. Gold Outlook Although we are seeing considerably high gains for gold in the short term, it still seems unlikely that the […]

Read More
How Much Money Do You Need to Trade Forex?

One of the most common questions we hear from beginner traders is "How Much Money Do You Need to Trade Forex?" and our answer is: well, it depends. The amount of money you need depends on your goals as a trader. Is your goal to make a lot of money or are you going to […]

Read More

Create a Trading Plan Using Our FREE Template

DOWNLOAD FREE
DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram