Technical analysis of the gold markets
The gold market recovered somewhat in the early hours on Friday as we continue to see a lot of upside pressure. If we pull back, I think there will be plenty of buyers looking to buy gold cheaply at this point, with the $2,600 level providing a significant amount of support. We have been in an upward trend for quite some time and I think this will continue. And ultimately, I would pay some attention to the $2,685 level as it was the last high. But if we can get above that, $2,700 will be set as a goal. Longer term, I think we could even go up to $3,000.
I have no interest in shorting the gold market because, honestly, the fundamental data and technical analysis all tell me we should go higher. We have central banks all over the world buying gold like crazy, we have enormous geopolitical problems, and the most important thing for many gold traders is of course that the Federal Reserve wants to lower interest rates.