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Gold Markets Technical Analysis
Gold markets have gone back and forth a bit during the course of the early hours on Thursday, but really at this point in time, it looks like the market is trying to figure out what to do next. The $2,800 level below, I think, is a floor in this market, while the $2,900 level above will continue to offer a bit of a ceiling. I am a little hesitant to get overly exposed to gold at this point because quite frankly, we have the jobs number coming out of America on Friday, and I do think that will have a major influence on not only the US dollar, but interest rates and pretty much everything else that moves gold.
So, with this, I’m hoping to see a little bit of a pullback that I can take advantage of, and then I will be a buyer again. I have no interest whatsoever in shorting the market, and I do think that eventually we not only reach $2,900, but I think we eventually reach the $3,000 level. At this point in time, there are plenty of geopolitical reasons to believe that gold is going to go higher, just as there are plenty of reasons to concern traders with their overall wealth, and therefore gold will continue to have a major portion of portfolios.
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