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Gold Markets Technical Analysis
Gold markets have pulled back just a bit in the early hours of Friday, but we’ve seen them turn right back around into signs of life again. Because of this, I think you’ve got a situation where you have to watch the volatility here but give it enough time. I do think that the uptrend will continue. I mean, quite frankly, this has been a very bullish market for a long time, and I just don’t see that changing for a significant amount of time anytime soon. If we do drop from here, the $3,000 level is an area that you’ll have to be paying attention to as it is a large round psychologically significant figure and an area that previously had been resistance.
If we were to break down below there, then you start looking at the bullish flag on the chart as it shows you a potential support level two on the top of it. The 50 day EMA sits just below the $2,900 level and is rising. All things being equal, this is a market that I buy on dips and the session on Friday may be offering that. We are a little extended, but when you take a look at the bullish flag, the so-called measured move, if you will, is for a move to the $3,300 level based on the pull of the flag.
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