Gold markets Technical analysis
The Goudmarkt has gathered a bit in the early hours of Tuesday, because the 3000 level continues to see a lot of interest and that is logical, because large round figures usually offer areas of entry and exit for larger traders, and of course we have option markets that will also be aimed at these levels. Keep in mind that gold must stay higher due to the fact that the US dollar is shrinking. And of course we have to ask questions about whether or not the tariff wars are over. Many traders there are concerns about protecting their wealth. And of course gold is one of the first places they are going.
If we were to break down below the level of $ 3,000, I think you should look at the region of $ 2,925 if your next support level, because it is actually the top of the bullish flag that we had broken. Speaking of the bullish flag, it suggests that we have a measured step to the $ 3,300 level and there is really nothing in this graph that suggests that it cannot happen. Furthermore, there are many geopolitical concerns that are there, and I do think we should view this through the prism of a market that will remain bullish, and every time it withdraws, you have to consider it a potential buying. I just don’t see any reason to get gold short quickly.