$GLD $XAU $USD
Gold markets rallied Thursday, but there is selling pressure clusterer above.
The market contmay inue to struggle with the notion of safety, and of course gold is 1 of the 1st places people look.
USD has not been hit, that puts more upward pressure on precious metals in general.
If USD started to strengthen, it could very well be a safety response, therefore the gold market may ignore it as it did 2 wks ago.
Gold Price Predictions Video 28.02.20
Technically speaking: Looking at this chart, the Key target is 1700, and it break above there given enough time. Once it does then the market is likely to continue going even further, perhaps reaching to major resistance at 1750.
Pullbacks should continue to find lots of bids, especially with the 1600 having been resistance turned to support
The idea of “market memory” does make sense in here, it is likely that the technical traders will pay close attention there.
There is no reason to Short this market. Hunt value and go forward. This allows you to buy the asset on sale. That the savvy way to play this market, as the trend is due North.
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