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Gold Markets Technical Analysis
The gold market initially rallied during the trading session on Tuesday, only to turn around and show signs of hesitation. That doesn’t necessarily mean that gold is going to fall apart, but quite frankly, gold has gotten far too overextended, and a pullback would make quite a bit of sense. Quite frankly, I think that just offers opportunity down the road. The $3,000 level should now be the floor in the market, and I think you will have to look at it as such.
I have no interest in shorting gold under any circumstance, because quite frankly, the geopolitical risks and the concerns when it comes to tariff wars, recessions, central banks cutting rates, they all line up to push gold higher over the longer term, but markets can only go in one direction for so long. And at this point, I’m still keeping an eye on the idea of the bullish flag that had been so prevalent in this market, which suggests that gold should eventually go looking to the $3,300 level, based on the “measured move.”
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