Gold markets initially pulled back just a bit during the early hours on Monday only to turn around and show signs of life. At this point, the market is likely to continue to see upward momentum in general, but we do have PMI numbers over the course of the weekend. Of course, the jobs numbers can cause a bit of chaos. Nonetheless, we are most certainly in an uptrend over the longer term. And despite the fact that we saw such a nasty sell off last Monday, I do think that there is still plenty of upward momentum left.
The Monday candlestick had more to do with Israel and Hezbollah coming to a ceasefire. It takes off some of the geopolitical concerns, but let’s be honest here, there’s still plenty to worry about in Ukraine alone. Ultimately, this is a market that I think does continue to be more buy on the dips, and given enough time, it’s very possible that the market could go looking towards the area that was the swing high and that is my goal.
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Short-term pullbacks continue to see plenty of support near the trend line, which is right around the $2,550 level. Gold of course is being bought by central banks throughout central and Southern Asia. So, I think that has a major influence also. With everything being said, I remain bullish as everything is lining up to give us all the same signals.
Source: Fxempire
