Gold markets continue to look bullish longer-term, but we did get a little bit of a pullback which of course gives us an opportunity to pick up gold “on the cheap.” Overall, I think that the Gold markets continue to be very choppy as we try to build up a bit of momentum, and then perhaps reach towards the $1325 level again, an area that has been resistance more than once. However, I think that we do eventually break above there based upon a softening Federal Reserve, and of course the global concerns when it comes to geopolitical issues.
Gold Analysis Video 08.02.19
With the Brexit, global growth slowing down, and then the Federal Reserve stepping away it’s very likely that we continue to see a move in the precious metals, but I’m not necessarily looking for a “melt up” anytime soon, but I do think that it is a very high likelihood of more of a grind to the upside. Build your position slowly, and then add as we continue to show signs of strength is how I choose to play this market. I don’t have any interest in shorting this market until we would break down below the $1280 level, which would show a break of significant support. At that point, then all bets would be off but clearly it looks as if bullish pressure continues in the gold market, and there’s no point in fighting that anytime soon. Overall, look for value and you should be fine.
Please let us know what you think in the comments below
This article was originally posted on FX Empire
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