Gold Markets Technical Analysis
The gold market rallied a bit during the trading session on Friday in the early hours and now it looks like we are going all out to try and break above the $2,800 level. The market will likely continue to see a lot of noisy behavior, and I think near-term pullbacks are likely to attract a lot of buying pressure as the $2,700 level should now provide support. The gold market is of course supported by geopolitical issues, concerns about tariffs, slowing global growth, and honestly, just momentum. The trend has been strong for a while, as you know.
If you look at the chart you can see that we are very much in an uptrend and I don’t think that has changed at any point in the last few months. I just think we’ve worked off some of the excess foam. Now you can think of this as a huge, mutated W pattern, which usually means we’re going higher, but we haven’t broken to a fresh new high yet.