- Gold markets have been very strong during the trading session yet again, as the market looks to be more of a buy on the dip mode still.
- And really at this point, what was a little disappointing is that the $3,000 level was not enough to push the market back down and pick up cheap gold.
- This is the trade I was hoping for, but unfortunately didn’t get it to take advantage of.
Now that we have exploded above the $3,000 level, you would have to assume that the $3,000 level should now have enough market memory in it so that it could be your short-term floor. Regardless, this is obviously a market that cannot be shorted anytime soon. And with all of the geopolitical risks out there, the trade war concerns, and debt problems. It does look like gold will continue to be a winner.
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Central Banks Cutting
Furthermore, we do have central banks out there willing to cut rates again. longer term, when I look at this chart, I recognize that we just broke out of a bullish flag that measures for a move to 3300. So as things stand right now, I'm looking for opportunities to pick up gold on dips and write it to that 3300 level, which, who knows how long it takes to get there, but I do think that ends up being our target. The 50 day EMA is at the $2,858 level and rising. So, it's really not until we break down below that I would have to rethink things.
As things stands right now, there's no fundamental reason whatsoever for gold to plunge. So, I look at every pullback as a potential buying opportunity, and have zero interest in trying to get short at the moment.
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