The gold markets rallied rather significantly during the course of the trading session on Tuesday in the early hours. We are well above the $2,900 level, and now it looks like we could make a run towards the highs again, right around $2,950. Breaking above there then opens up the possibility of reaching the target of $3,000, an area that I think a lot of people are aiming for anyway. And of course, an area that I think when we get there will attract a lot of headlines, probably options, trading, et cetera.
So, with all of this, I remain bullish long-term, and I look at gold as a market that when it does fall, it’s offering value. The 50-day EMA sits just above the $2,800 level and I think that is a support level as well. So, it’s really not until we break down below that region that I would be concerned about the overall uptrend.
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Given enough time, I think that any short-term pullback ends up being a buying opportunity that you must take advantage of. The US dollar has been softening in the early hours of the market, that of course helped. Plus, we have a lot of concerns out there when it comes to tariffs and what that might do to the global economy. Beyond that, we have geopolitical concerns. After all, there is a land war in Europe at the moment that seems like it could get worse actually. And now we have gold as a safety asset at the moment functioning exactly how you would expect it to.
Source: Fxempire
