Gold Markets Technical Analysis
The gold market rallied quite a bit during the early hours on Tuesday, as we continue to see a lot of reasons for gold to continue to go to the upside. After all, a lot of people are looking at this through the prism of geopolitical risks, interest rates, of course, dropping. And at this point, we also just see so much momentum that I think people are willing to jump in and chase.
Beyond all of that, you also have central banks around the world buying gold, so it all ties together for a nice move. When you look at the past, you can see that we formed a bullish flag, and the measured move is to $2,800, so I think that’s where we’ll be going. That doesn’t mean that we get there overnight, and it is worth noting that we formed a shooting star during the day on Monday, so I do think a pullback’s coming. Whether or not this pullback is substantial remains to be seen, but I would be looking for a dip in order to get involved.