Gold markets broke above the Key 1700 psych mark last week, and then on Top of that closed at the Top of the range on the week. But, there is a lack of volume which is interesting considering that we are seeing the same thing in the stock markets.
So, we will get a bit of a pullback, but the market looks Very Bullish to me in here, and the 50-Wk EMA underneath at the 1500 mark should offer strong support.
And if gold can break above the Top of the range for the prior week that is another buying opportunity signal.
From a longer-term standpoint I believe gold is looking to the 1800 mark next, and then eventually the $2000 level after that.
That does not mean it goes straight there, and therefore I think that a lot of longer-term traders will look to short term charts to pick up value when the market pulls back.
|COMEX 100oz GoldGCc1||April 28||$1,713.90||-22.30||-1.28%10:17 AM +07|
The Hammer pattern from the prior week is Very Bullish, as it shows strong support near the 1600 mark.
The technical outlook is very strong, and note that the market has seen increased volatility, which means more people are getting interested in the market.
The more coronavirus fear and stimulus from the Fed, the higher gold will go.
Have a healthy week, stay at home, Keep the Faith!