- Gold has pulled back slightly during the trading session here after initially rallying on Thursday in what could be a fairly quiet session.
- After all, we do have Good Friday coming up during the next session, which of course means futures markets will be closed.
- But gold obviously is a very bullish market and should continue to be so.
At this point, I would anticipate $3,000 as your floor, but I also see plenty of support at other places. The first place that comes to mind, of course, is the $3,200 level. The market has been riding the 50-day EMA for quite some time, so the fact that we have expanded to the upside tells you just how much more inflows we have.
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The geopolitical conditions do make a lot of sense for gold to continue higher, as there are a lot of tariffs, tensions, and of course, concerns about geopolitics. Gold is being hoarded by central banks, so that comes into the picture as well. So, make sure that you keep an eye on that.
US Dollar Falling
The US dollar falling has helped gold. So that also shows up on this chart. And basically, what we have is a scenario where things are just lined up perfectly for gold to continue going higher. We had previously formed a bullish flag, which measured for a move to 3,300. We have hit that obviously. And with that being said, I think you have a scenario where we are in somewhat unknown territory. But the one thing that you can clearly see is that if the market pulls back, there are more than likely to be plenty of traders willing to step in and pick gold up yet again every time it feels like it's offering value.
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