Gold Markets Have an Explosive Day - XAUUSD gold goldprice
A lot of this could come down to risk appetite, so pay attention to what other markets are doing. If there seems to be a general concern about owning anything that has risk attached to it, that may or may not work for gold, depending on how traders are looking at it. I know it’s a bit confusing, but at the end of the day gold can be a lot of different things.
On the downside, I see the $1840 level as a potential area of support, and therefore could be an area where you could reenter the market if we do pull back. I don’t have any interest in shorting gold, at least not in the meantime. I think it is probably only a matter of time before gold takes off toward the $2000 level, especially if yields continue to fall. After all, if people start buying bonds again, that will drive yields lower.
As things stand right now, I do believe that we are in the process of a longer-term bottoming pattern.
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