Gold markets Technical analysis
The gold market has withdrawn a bit to show signs of hesitation, because the 2800 level remains a bit of a ceiling. A withdrawal to the level of $ 2,700 is very possible, but it doesn’t look so likely because we have seen a lot of noise near the $ 2,750 level. Gold naturally continues to see a lot of interest in the market because of geopolitical concerns and, of course, interest rate consciousness. We all have the Federal Reserve, the ECB and the Bank of Canada with interest rate decisions this week. So that clearly has a major influence on gold and multiple currencies.
If you are currently looking at the positioning of the market, it is a little bit of a W pattern and that W pattern will probably indicate that if we may break above the level of $ 2,800, we can go much higher. In fact, the measured step to the 3000 level is, which I think is ultimately your target. Buying opportunities in the short term in the short term, but do this in smaller steps, because the volatility is probably getting worse, not better. When I say that, I don’t mean that with just the gold market, I think the markets will generally remain very noisy.