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Gold Technical Analysis
Gold markets have rallied again during the trading session on Monday as it looks like we are just ready to rip higher. With that being said, I think you’ve got a scenario where gold will continue to be very noisy. But I also believe that short term pullbacks offer buying opportunities. There’s literally no world in which I short gold at the moment. And I think $3,000 is now your floor, assuming that we were to even pull back towards that area. The 50 day EMA is just about the $2,900 level and rising. I think sooner or later, it meets up with the $3,000 level to make everybody happy down there as well. We had recently broken out a massive bullish flag, which had a measured move of $3,300.
And therefore, I think you need to keep in mind that the measured move still hasn’t been fulfilled. And I do think a lot of technical traders will be looking to push it towards that level. In general, this is a market that I think remains very sensitive to risk appetite, which is miserable right now, and therefore people are jumping into gold for protection. Ultimately, this is a market that you’re just looking for value on dips and you’re taking advantage of it every time you get the opportunity. All things being equal, there’s nothing on this chart that even looks remotely bearish or, for that matter, even sluggish.
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