Gold Technical Analysis
The gold market has rallied a bit during the early hours on Thursday as we continue to see a lot of upward momentum, but it’s also going to be a bit of a grind. After all, you have to keep in mind that the non-farm payroll announcement comes out on Friday, and that, of course, will be a situation that will cause a lot of volatility as people will be trying to sort out where the interest rate policy of central banks around the world will be heading.
With that being said, the market is likely to see plenty of support underneath. And with that being said, I think you also need to look at various levels, such as the $3,300 level, the 50 day EMA, the $3,200 level, et cetera. If we do break higher instead of pulling back, and I think that’s a very real possibility, especially if the jobs number comes out really weak, we will have to deal with the $3,500 level sooner or later.
