- Markets have gone back and forth during the trading session on Monday again, as it looks like we continue to see a lot of issues out there when it comes to confidence.
- However, I do think that you need to pay close attention to the fact that we are most certainly in an uptrend, and that won’t change very easily.
- I think that eventually we will go looking to the $3000 level, which is a large, round, psychologically significant figure, and an area where it’s worth noting that is an area that will attract a lot of attention and of course cause a lot of headlines.
Global Uncertainty
I think there is still quite a bit of global uncertainty out there that will continue to push the market around when it comes to gold but given enough time, I fully anticipate that gold will find buyers on each and every dip.
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Even if we were to break down below the $2900 level, an area that I think is crucial support, I would also look at the $2850 level, and then eventually the $2800 level after that. In fact, I believe the $2800 level is crucial, as it had been significantly resistant previously, and now also has the 50 Day EMA offering support.
All things being equal, this is a market that I think continues to be noisy, but I still think that there are plenty of reasons to believe that gold will continue to catch a bit of a bid. Ultimately, if the market were to break down below the $2800 level, then it could change some things, but even then, I don’t necessarily think that I would get short of this market anytime soon. I also recognize that the $3000 level is going to be difficult to get above, but if and when we do it kicks off the next leg higher and the markets.
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