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Gold Markets Weekly Technical Analysis
The gold markets initially pulled back just a bit during the early part of the week to break down below the $2,900 level but have since shot straight up in the air. This was a breakout of a small bullish flag that suggests that we could go as high as $3,300. And I do think that is more likely than not going to be what happens. That being said, we are hanging around the $3,000 level. So don’t be surprised at all if we see a little bit of a pullback in the short term in order to collect profit, that type of thing. Also, there are typically a lot of options traders in this general vicinity, and many traders have been involved in gold for some time now.
So, this is a scenario where there are plenty of value hunters underneath willing to take advantage of it. And I do think that the geopolitical and trading concerns around the world continue to make the gold markets very attractive to protect wealth. So, I’m looking to buy on dips, but if we were to break above the $3,010 level, then I think we’re just going to continue ripping to the upside to the $3,300 level. The $3,300 level, of course, will be attractive as a target for those who were paying close attention to this bullish flag. I have no interest whatsoever in shorting gold anytime soon as the longer-term trend is very obvious at this point in time.
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