A pullback all the way to the $2,200 level would be ideal, although I don’t know if we get it. Speaking of $2,200, the 50-day EMA sits just below there, just as the $2,150 support level does. Ultimately, it’s a buy on the dip market until interest rates get under control, central banks stop buying gold, and of course geopolitical tensions calm down, which I don’t know that any of that is happening any time soon, so it remains bullish.
I have no interest in shorting this market. You could tell me that it’s dropping $200 tomorrow and I don’t know that I would take that trade. On the other hand, I am very interested in picking up gold after it falls so we’ll have to wait and see how things play out, but a little overstretched at the moment.
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