The negative correlation continues to be important. With this in mind, traders should closely monitor the gold market and its interactions with interest rate markets and the US dollar. It is important to exercise caution in position sizing as it is likely only a matter of time before the market experiences a significant move in one direction or the other. At this point, traders need to make a more substantial decision regarding the market's direction over the longer term. Over the past few weeks, gold has been very volatile and experienced a significant pullback. The gold market has been significantly influenced by the interest rate markets, as they have a major impact on both the US dollar and the gold markets.

Breaking below this level could result in a significant decline in gold prices, potentially down to the $1620 level. A further decline below this level could lead to a potential drop to the 61.8% Fibonacci level, currently around the $1750 level. If the market breaks down below the 200-Day EMA, it is possible that it could fall to the $1800 level. Get started! Techncial Levels to Watch Out

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