Gold markets weekly technical analysis
Gold rose a bit over the course of the week to reach the $2,800 level before turning around and retreating. All things being equal, this is a market that I think will continue to see a lot of upside in the longer term, but we may have gotten a little ahead of ourselves. Even if we pull back from this point, I think there are plenty of areas that traders will look to go long, especially near the $2,700 level and then the $2,600 level.
Overall this is a market that I think will continue to move back and forth but with an overall upward trajectory and an eye on geopolitics which will obviously have a major impact on what happens to this market as gold is considered be a safety device. All things being equal, I think it’s probably only a matter of time before gold heads higher, but we’ve gotten so overdone at this point that it’s not too surprising to think we might turn a profit.