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Gold Markets Technical Analysis
The Gold market has rallied quite nicely during the early hours on Tuesday, as we continue to threaten the top of the bullish flag that we have been forming. If we can break above the $2,933 level, then I think there’s a real shot that gold takes off towards the $3,000 level. I don’t have any interest in shorting this market even if we do pull back because quite frankly, there are far too many reasons for gold to pull back for a longer term move. In fact, all of the fundamental reasons are still there. There are concerns about tariff wars.
There are concerns about geopolitical conflict. There are concerns about recession. With all of that being said, and the fact that the US dollar has been shrinking, it does make a certain amount of sense that gold continues to see some interest. If we can break above the $2,933 level, then 3,000 gets targeted, and then eventually we see gold really take off, perhaps even aiming for the measured move from the bullish flag, which suggests $3,300.
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