- 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.
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.
Ready to trade today’s Gold forecast? Here are the best Gold brokers to choose from.