Gold will regress or move sideways during this time
Gold has pulled back a bit in today's Tuesday trading session as it looks like we will continue to try to get higher.
Regardless, I think this is a slightly stressed market and it might be worth noting that the relative strength index is well above the 70 level.
All in all, I think the $2,200 level below would be an excellent support barrier similar to the 50-day EMA at $2,150. On the positive side, I think we're going towards $2,500 but sooner or later you have to get out because people are going to take profits and of course you need to attract more buyers into the market. Speaking of buyers, it's probably worth noting that the world's Chinese banks are net buyers of gold in general and that's a bit of a miss in the market, but they also have to be aware that the storylines have Is it beneficial for gold? Now and most certainly there are geopolitical worries. So with all that said, I'm just looking for opportunities to buy gold cheaper when prices drop. I have no interest in selling in this market.
Regardless, I think this is a slightly stressed market and it might be worth noting that the relative strength index is well above the 70 level.
All in all, I think the $2,200 level below would be an excellent support barrier similar to the 50-day EMA at $2,150. On the positive side, I think we're going towards $2,500 but sooner or later you have to get out because people are going to take profits and of course you need to attract more buyers into the market. Speaking of buyers, it's probably worth noting that the world's Chinese banks are net buyers of gold in general and that's a bit of a miss in the market, but they also have to be aware that the storylines have Is it beneficial for gold? Now and most certainly there are geopolitical worries. So with all that said, I'm just looking for opportunities to buy gold cheaper when prices drop. I have no interest in selling in this market.
✔️TP 2340
✔️TP 2330
❌SL 2358