Technical analysis of the gold markets
Gold markets recovered in the early hours on Tuesday as we continue to see upside pressure overall. If you look at the chart, you can easily see that we have been in an uptrend for a while, and I just don’t see that changing. The pullback we got in the previous session was an opportunity to pick up cheap gold or cheaper gold, but in reality it wasn’t as deep as I had hoped. Honestly, I would have loved to see gold drop to the $2,600 level, but alas, here we are.
I believe that given enough time, the market will still look at the $3,000 level, but it could take quite some time to get there. Remember that gold can be very choppy at times, and despite the fact that there are a lot of things in its favor, that doesn’t necessarily mean it should take off right away. We have enough geopolitical problems that have people pouring money into the gold market, trying to protect it, and on the other hand we have interest rate cuts in places like the Federal Reserve, and the ECB, the Bank of Canada, etc. all of which drive gold. also higher.