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