Gold Continues to Power to The Upside

NEW YORK (March 28) The gold markets continue to see a lot of noise, as we head into the Easter Weekend. Ultimately, this is a market that has a lot of momentum, and therefore I think more and more people will be jumping in.

Gold Markets Technical Analysis

Gold has rallied rather significantly during the course of the trading session on Thursday as it looks like people want to have exposure heading into the Easter holiday weekend. That being said, any short-term pullback that you get is a buying opportunity. There will be some limited electronic trading heading into the weekend, so do keep that in mind, but it will be thin volume.

Ultimately, this is a market that I do think continues to go much higher but whether or not we have the momentum to take out the shooting star from a little over a week ago remains to be seen, but we certainly look like we’re going to try to do it. With that being said, I like the idea of buying dips because that’s been the play all along in gold and at this point in time one would have to say you would anticipate more of the same.

I think that the $2,150 level is likely to continue to see quite a bit of support, so pay attention to that on any pullback if we even get there. I do think at this point in time it’s very likely that the gold market could go looking to the $2,500 level, although we don’t necessarily have to get there right away. Gold does tend to be impulsive though, and it could be much quicker than you think.

We have worked off quite a bit of froth from that shot higher and now it looks like we’re ready to continue going higher from a longer term standpoint. I have no interest in shorting gold because, quite frankly, I think gold will probably be one of the better trading vehicles this year as there are geopolitical concerns, interest rates being cut, and of course just a general concern of the politics and the geopolitical situation in the Middle East and for that matter in Eastern Europe.

FXEmpire