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Gold Technical Analysis
The gold market has been all over the place in the early hours of Thursday as we continue to see a lot of really noisy behavior out there, and this of course will have a major influence on what we do with a safety asset such as gold. Because of this, I think you have to look at this as a market that will probably struggle to find clarity in the short term. But I do think longer term, we are still likely to see a lot of upward pressure before it’s all said and done. Now, with that being said, I also recognize that most traders look at this through the prism of momentum. And the momentum, of course, has been with the buyers for some time.
So, if we do pull back from here, and that’s very possible in the short term, I still think the $3200 level is worth watching. I do believe that it’s likely that the $3,200 level is going to offer a little bit of a floor, but we’ll have to wait and see how that plays out. The 50 day EMA being right there as well also helps. So, keep that in mind. I do believe that it is probably only a matter of time before we do reach towards the $3,500 level. The question is, do we pull back first or do we just kind of grind our way up there? This is the question we will all be asking going forward from here.
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