The gold market has rallied a bit during the early hours on Thursday as we continue to see a lot of upward momentum, but it’s also going to be a bit of a grind. After all, you have to keep in mind that the non-farm payroll announcement comes out on Friday, and that, of course, will be a situation that will cause a lot of volatility as people will be trying to sort out where the interest rate policy of central banks around the world will be heading.
With that being said, the market is likely to see plenty of support underneath. And with that being said, I think you also need to look at various levels, such as the $3,300 level, the 50 day EMA, the $3,200 level, et cetera. If we do break higher instead of pulling back, and I think that’s a very real possibility, especially if the jobs number comes out really weak, we will have to deal with the $3,500 level sooner or later.
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$3,500, of course, is a large, round, psychologically significant figure. And at this point in time, if we can break above there, we can truly take off to the upside, perhaps even going as high as 3,800 based on the consolidation and the measured move. The market continues to be really bullish, and I just don’t see how that changes in the geopolitical theater that we have right now, the trade tariffs, the possibility that central banks around the world will all have to start cutting. So, it all lines up pretty nicely for gold to go higher.
Source: Fxempire
