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Gold Technical Analysis
The gold market has fallen pretty significantly during the session here on Thursday, but the $3,200 level looks as if it is offering some type of short-term floor. Ultimately, I think this is a market that is very much in an uptrend, so you don’t necessarily want to short the market, but you also have to recognize the fact that the market will occasionally have a pullback, and that, I think, is what we are looking at right now.
With that being said, I am bullish, but I’m waiting to see some type of bounce. It is probably worth noting that the Friday session is, of course, going to feature the jobs number in the United States, and that obviously will have a major influence on where we go next. Given enough time, I do think that gold will eventually find buyers unless, of course, we get some type of massive change in the tariff war situation, and of course, maybe the US dollar.
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