Gold markets have rallied a bit during the trading session on Thursday again, as we continue to see quite a bit of aggressive buying on each dip.
On a pullback, the $1850 level would be ideal, because it would send us basically down to the uptrend line that I’ve marked on the chart. I would like to see the market drop down to that area and then bounce a bit, so I can pick a “cheap gold” in what is obviously a very bullish trend. Quite frankly, gold has not given us much of a chance to enter recently, because each pullback is so shallow.
As long as we can stay above the uptrend line that I have marked on the chart, I don’t have any interest in shorting. The “golden cross” has recently happened, and a lot of people will take a look at that as a longer-term “buy-and-hold signal.” I don’t necessarily like the idea of following the “golden cross” just willy-nilly, but it would have worked this time.
This is because the indicator does tend to take its time getting here, and therefore is not necessarily a situation where it is typically useful from a short-term perspective. All things being equal, the market is likely to be a scenario where we have a lot of noise, but I think at this point in time traders are trying to do everything they can to get to that $2000 level.
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