- As you can see, the gold market has gone back and forth during the trading session on Friday, as we continue to chop back and forth in a little bit of potential profit taking.
- All things being equal, this is a situation where I think we are just killing some time and trying to figure out where we are going to go next.
- The reality is that we are probably going to go higher, but I also recognize that this is a market that will continue to be a bit noisy based on the fact that gold is moving mainly on tariffs and fears of trade wars, things like that.
So I think given enough time, we will probably get a little bit of clarity, but when you look at the gold market, it has gone straight up in the air for a while now, so it should not be a huge surprise to see that maybe, just maybe, we need to take a little bit of a breather. All things being equal, I believe this is a market that will eventually hit the $3,000 level, given enough time, and quite frankly, I don't see why that would be a surprise for anyone.
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3000 Will Matter
After all, it's the next large round psychologically significant figure, and one would have to assume that there is a lot of options activity in that region. Short term pullbacks will see support at $2,900 and then again at $2,800. But overall, the gold market is going to continue to see a lot of buyers going forward. I have no interest in shorting this market and wouldn't even begin to question the trend until we broke down below the $2,800 level. If we broke down below there, it would be surprising and I think it would catch a lot of people on the wrong side of the trade. That being said, it’s very unlikely.
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