The gold market rallied quite a bit during the early hours on Thursday as we continue to see gold really take off to the upside. Quite frankly, the recent pullback that we had seen over the last 24 hours was probably needed and quite frankly, I would have liked to have seen the market pullback even further.
However, it is such a bullish market right now that it’s difficult to imagine that any pullback would be something you could short, nor does it seem like we are going to see a scenario where anything, but value hunting would be the result of a pullback. Really, I don’t think that there’s any reason to sell in this market, but what I do think is that eventually we go looking to the $2,800 level, which is the measured move on the bullish flag. This is an obvious one, so a lot of people will be watching this closely.
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After that, I would fully anticipate that gold goes looking to the $3,000 level, mainly due to a whole host of fundamental reasons such as geopolitics, central banks around the world cutting interest rates, and then of course the fact that the central banks around the world are buying gold. That puts a bit of a bid in the market at all times. So, with this, you’re looking for cheap gold that you can take advantage of on pullbacks. And I do think you probably ride this all the way up to $3,000 before it’s set and done, perhaps even higher than that.
Source: Fxempire
