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Gold Markets Technical Analysis
The gold market has rallied a bit during the early hours of Tuesday as the 3000 level continues to see a lot of interest and that makes sense, as large round figures do typically offer areas of entry and exit for larger traders, and of course, we have options markets that will be focused on these levels as well. Keep in mind that gold should continue to go higher due to the fact that the US dollar is shrinking. And of course, we have to ask questions about whether or not the tariff wars are over. A lot of traders out there are worried about protecting their wealth. And of course, gold is one of the first places they go to.
If we were to break down below the $3,000 level, then I think you need to look at the $2,925 region as your next support level, as it’s basically the top of the bullish flag that we had broken. Speaking of the bullish flag, it does suggest that we have a measured move to the $3,300 level and there’s really nothing on this chart that suggests that it can’t happen. Furthermore, there are plenty of geopolitical concerns out there, and I do think that we have to look at this through the prism of a market that will remain bullish, and every time it pulls back, you have to be looking at it as a potential buying opportunity. I just don’t see a reason to get short of gold anytime soon.
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