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Gold Markets Technical Analysis

Taking a look at the gold market and you can see that we have essentially gone nowhere early during the trading session on Monday after what was a very explosive Friday. With that being the case, the market looks as if it is going to continue to be very bullish in the long term. I just don’t see how this changes in the current trading environment, and of course the macroeconomic situation backs up this idea as well.

And at this point in time, I do like the idea of buying short-term pullbacks, mainly due to the fact that traders will continue to see this through the prism of the central bank actions around the world loosening monetary policy, driving up the value of gold. Furthermore, we have plenty of geopolitical concerns out there that could come into the picture that a lot of people are going to have to pay close attention to.

The 2050 level underneath, I think, continues to be a hard floor. Really at this point in time, I do not know that we will visit the $2,000 again, due to the fact that it has seen such a huge shot higher. If we can break the highs of the session on Friday, at essentially 2088, then the market is probably ready to rip higher in general. That doesn’t mean it will be easy or in a straight line, but it will continue to go higher.

In the meantime, though, I like the idea of looking for short-term pullbacks to take advantage of and get value. There is no scenario right now that I can foresee at least that I would be a seller of this market. It remains strong. And quite frankly, I think you also have to keep in mind that central banks around the world, not only loosening monetary policy, but also being net buyers of gold, has a major influence on this market as well buying the dips every chance I get.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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