Gold markets initially pulled back just a bit in the early hours on Monday, only to turn around and show signs of strength again. By doing so, it shows just how bullish and positive this market is overall, and I do think it’s probably going to break out to the upside. If and when it does, I see nothing stopping gold from reaching the $3,000 level eventually, but I’m also the first person to say that it will probably be quite noisy on the way up. With that being the case, I am pretty bullish, and I look at dips as potential buying opportunities.
The $2,900 level should continue to be important, just as the $2,800 level should be as well. The $2,800 level, I believe, is the floor in the market, if you will, with the 50-day EMA sitting right there and the fact that it was previous resistance. So, there should be a certain amount of market memory hanging around there. Keep in mind that there are plenty of things right now to push the gold market higher, not the least of which would be geopolitical concerns and worries about tariffs.
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After all, that really hasn’t gone anywhere. We haven’t seen any enacted, but to think that they won’t be wishful thinking. So, I think a lot of traders out there are willing to put a little bit of gold in their portfolio in order to protect wealth from not only geopolitical events but just market risk in general. So, I remain bullish.
Source: Fxempire
