Gold markets have rallied in the early hours of Thursday, again, as it looks like we are just going to continue to rip to the upside. That being said, it did look a little bit tired during the Wednesday session, and I do think it is probably only a matter of time before we get some type of pullback.
It’s very difficult to buy gold all the way up here unless of course, you’re willing to have a stop loss that is going to be about $150. So, with that, unless you’re already involved, there isn’t a whole lot to do other than to wait for it to calm down and perhaps offer a little bit of value. If you’re already involved in gold, then again, there is not a lot there to do other than to let it take you to wherever it’s going.
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As far as where it’s going, I believe that could be the $3,000 level, but that’s a longer term call. That’s not something I’m expecting to see in the short term. Gold has performed quite well during the last three or four weeks, and I think that will only be accelerated by the fact that central banks are now clearly in a rate cutting mode, and of course, we have more than enough geopolitical concern out there to continue to drive money into the gold market.
Interest rates dropping, geopolitical concerns, and lots of central banks, especially in Asia buying gold, all continue to make this a buy on the dips market. I currently have the $2,530 level as your floor.
Source: Fxempire
