Gold markets weekly technical analysis
The gold market initially fell a bit over the course of the week, but then turned around and showed signs of life. The 2700 level is of course a large, psychologically significant number. But more importantly, there is an area from there to around $2,720 where there is a resistance zone. We are a market that is consolidating after a significant rally and therefore I think we are in a situation where we are still seeing buyers coming into the picture to pick up cheap ounces of gold.
After all, the market will likely still be driven by interest rates, by geopolitical concerns and of course by the easing of monetary policy at several central banks. In fact, the gold market in other currencies looks much more bullish. So keep that in mind: if you want to buy gold, you can buy it in Australian dollars, for example. So at this point I believe gold still finds many buyers.