Gold Markets Weekly Technical Analysis
The gold market rose higher during the course of the week, as we kick off the Friday session at the all-time highs, basically. So, with that being said, if we can break out above the $2,800 level, and I do think that’s the next target here, the market just continues its overall long-term uptrend. There are a lot of concerns about tariffs around the world, so that of course is a major factor in people looking for safety. But at the same time, we also have to think about the geopolitics of the world, which is still a very messy proposition.
Short-term pullbacks will most certainly have plenty of buyers jumping into the markets and taking advantage of them, with the $2,700 level likely to be a major support level. If we can break above 2,800, I think we’re just going to end up grinding our way to the $3,000 level by the time it is all said and done.
I have no interest in shorting gold and in fact, we’ll be looking to buy on every dip after this past week has shown us just how much underlying demand there is. It’s also worth noting that quite a few central banks out there are buyers, so there is a big buyer in the market regardless, and therefore, it should continue to offer a little bit of support in what has been an extraordinarily bullish market.
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