Moreover, we also have central banks in countries like Indonesia, India, China and Russia, all buying gold. So that gives a small boost. I think near-term pull banks still offer buying opportunities right now. Also think the market will likely continue to see plenty of buyers at the $2,600 level, assuming we even drop that far.
If we break above the top of the candlestick this week, it would obviously be very bullish. And it is probably worth noting that we have previously formed a bullish flag on the daily chart and the measured move is expected to reach the $2,800 level. I believe gold will eventually rise to the $3,000 level, but it won’t happen in a straight line. So I honestly view and welcome every setback as an opportunity.
Check out our economic calendar for an overview of all today’s economic events.