Gold Markets Weekly Technical Analysis
You can see, the gold market has been somewhat positive during the course of the week as the $2300 level underneath continues to offer plenty of support. The $2400 level above is massive resistance and offers quite a bit of a barrier. If we can break above there, then the market could go much higher. At that point, then we could see the market go looking to the $2500 level given enough time which is the longer term target, I think, at this point. Short term pullbacks at this point will continue to look at the $2,300 level as a potential floor.
If we were to break down below, we could go down to the $2,150 level, which is an area where we would see the 50-week EMA come into the picture as well, and perhaps come into the previous resistance that should now be market memory that we would pay close attention to. I think ultimately this is a market that any significant pullback probably gets bought into. And quite frankly, with everything that’s going on around the world, it’s difficult to imagine a scenario where gold isn’t thought of as being attractive. So, with that, I remain bullish. It may be noisy in the short term, but I still think we will go higher.
Keep in mind that there is a lot of noise out there, but I find it almost impossible to think of gold as something that should be sold, as there is a large amount of fear and concern about debt at the moment. Of course, there is also war.
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This article was originally posted on FX Empire
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