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Gold Markets Technical Analysis
Gold markets have been all over the place overnight in Asia and quite frankly, I think we’re in the midst of seeing a pretty significant turnaround. That being said, I don’t think that it is a shorting opportunity. I think it’s a situation where traders are probably going to be waiting for some type of pullback and bounce to get long of this market yet again. The market at one point during the session reached $2,940, but by the time New York comes back online, we’re going to be closer to $2,890. This is, quite frankly, a pretty wild ride that we had.
The short-term charts show just how much volatility there was, and what’s interesting is that it was basically no real news, at least nothing that I’ve seen that would have me thinking suddenly gold has to get hammered. So ultimately, the market at this point in time is one that you need to be very cautious with. And I have even instructed some of my private clients to take profit in gold, just simply because I think once we pull back, then we have to prove whether or not the uptrend can hold. I personally think it does. I’d be very interested in gold near $2,800 if I get that opportunity, but I’d even be surprised if we got anywhere near there.
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