Gold markets Technical analysis
Gold markets are somewhat noisy in the early hours on Wednesday, because we continue to see a lot of noise in this general environment. All things that are the same, the market will probably continue to see a lot of confusion in this area, but let’s be honest here, there is a significant amount of pressure on the upward on the gold market from the longer -term perspective, mainly due to the fact that the US dollar is of course also cur that, but we have also seen many questions or will not lower the federal reserve. If they do that, it is usually good for gold.
The level of $ 2,900 seems a bit of a magnet for the price in this general environment. But if we can break a little higher, maybe $ 2,933, it starts the flag and we first look at the $ 3,000 level. But the measured movement of the flag suggests that we will look at the $ 3300 level. In the short term pullbacks can fall all the way to the EMA of 50 days without changing much and that is closer to the level of $ 2835. So I think we have a little bit of a pillow here, but it also looks like we are being compressed. These compression areas usually lead to explosive steps in continuation, but we will have to wait and see whether or not we get it in an impulsive candlestick that tells us that buyers jump back to become aggressive about it.