The gold market has pulled back a bit from the $2,715 level, an area that I’ve been watching, as the PPI numbers came out a little bit hotter. In the full reading, the core PPI numbers came in as expected and the weekly unemployment claims in America came out a little higher than necessarily anticipated as well. So, this all leads to a little bit of questioning. But really, at this point, I don’t know that much has changed. I suspect this pullback will attract a certain amount of attention, and people will be interested in it being a trade.
The 50 day EMA comes into the picture offering support, assuming that we even get down there and of course, there are plenty of geopolitical reasons out there to believe gold will continue to be a market that a lot of people want to be involved in to protect their wealth. All things being equal, I do think that we eventually break out, but we need to pull back just a little bit in order to pick up that momentum.
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I look at dips as an opportunity. I have no interest in shorting gold, and I do think that it eventually breaks above that $2,715 level, and goes looking towards the $2,800 level, which was the latest swing high in the all-time high. So ultimately this is a market that I’m very bullish on. I welcome the pullback. I’ll take advantage of it as it comes to be.
Source: Fxempire
