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Gold Markets Technical Analysis
The gold market initially did try to rally during the trading session on Thursday, but then just got hammered as traders are trying to sell anything and everything to cover rapidly accelerating losses. This does happen from time to time, but this doesn’t change the trend for gold overall. Quite frankly, I think the $3,000 level is probably the major floor in this market that you need to pay close attention to, as it has been so important in the past.
With that being said, I think you’ve got a situation where traders will continue to look at this through the prism of a market that, quite frankly, could see quite a bit of volatility, a lot of noise, a lot of covering, a lot of buying on the dip, perhaps. So, ultimately, I do like this market, but I think this is more or less a short-term cover margin issue in other parts of your portfolio situation. Bonds are getting bid very heavy, so that might be part of the problem as well. But it is more likely than not, only a matter of time before we see the gold market rally again.
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