Gold Technical Analysis
Gold markets initially fell on Monday but then turned around to show signs of life. I think this is a market that just simply doesn’t want to fall. It may pull back from time to time, but that ends up being a buying opportunity from everything that I see. And ultimately, this is a market that given enough time, I do think, reaches the all-time highs again near $3,500. Short-term pullbacks, I think, are nice buying opportunities. The 50-day EMA is closer to the 3,250 level, just kind of grinding higher, as we have been for some time now.
The $3,200 level is massive support as well. So, with that being said, I think there’s just no way you get short of gold at the moment. The US dollar has softened a bit, but there’s a lot of other reasons for gold to rally. Quite frankly, central banks around the world are hoarding it, and we have various central banks around the world cutting interest rates. I don’t have a whole lot of interest in trying to pile in with a huge position, but I do think that short-term pullbacks are potential opportunities that you just simply must be taking advantage of.
