The gold market continues to see a lot of upward pressure, as we are going to see a lot of questions asked about the world, and the global markets in general. With this, I think the market is likely to see volatility, but perhaps more importantly, a buyer of dips
Gold Markets Technical Analysis
The gold market initially dipped a little bit during the early hours on Monday, but you can see that it has turned around to show signs of life. All things being equal, this is a market that I do think continues to go higher over the longer term. And quite frankly, there are a lot of reasons for that to happen, not the least of which is going to be the deal with geopolitics as there are a ton of problems out there just waiting to have traders freak out.
Short-term pullbacks offer buying opportunities from what I can see because not only do we have the geopolitics pointing gold higher, but we have plenty of central banks around the world willing to step in and buy. Underneath, we have the $2,400 level and of course the 50-day EMA, all meeting up in the same general vicinity. So, I do think that there is a floor in this market.
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After a while, I anticipate that the market is going to go looking to the $2,480 level. And then after that, we could go looking to the $2,500 level. In general, this is a market that I think, given enough time, does break through the ceiling and then goes much higher. Quite frankly, I just don’t see a scenario where traders won’t be interested in a little bit of safety. In this overall picture, I think you have a situation where traders are likely to going to see a lot of noise, but it certainly looks as if the upward pressure continues.
Source: Fxempire
