- The gold market had initially tried to rally a bit during the trading session here on Monday, but you can see that we have pulled back a bit to show signs of hesitation.
- All things being equal, this is a market that I think will continue to be very noisy, but I also recognize that it’s a market that will continue to find buyers on dips over the longer term.
- After all, we have to look at this through the prism of a market that has been a bullish move after forming a massive bullish flag.
- Now, at this point, the 3000 level is important to pay close attention to as it is a large round psychologically significant figure.
$3000 Continues to Matter
If we can stay above the 3000 level, then I think it’s likely that we will continue to go much higher, perhaps reaching the $3060 level. Based on the bullish flag that we had formed previously, that suggests that we could go looking all the way to the $3300 level with tariff concerns out there and the whole slowing down of the global economy.
People are worried about their wealth, and they protected using gold quite often. In fact, it’s really not until we break down below the $2,800 level that I would be concerned about the trend. And ultimately, I think this is a scenario that every time it pulls back, you must look at it through the prism of trying to find a bit of value.
With this, I think you will just continue to see more of the same and you just ride the wave higher, little bits and pieces along the way building up to a much bigger position. At 3,300, then we probably see some issues based on the measured move, but ultimately, I have no interest in shorting.
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