Gold markets have fallen a bit during the trading session on Thursday but remain elevated as we are sitting right around the $1860 level. At this point, we can break above the $1880 level, then the market goes much higher. This is a bullish flag being formed and therefore I think a lot of retail traders and technical analysts will look at this as a potential opportunity. As long as that is going to be the case, it is very likely that we will continue to see this as a “buy on the dips” type of market. If the US dollar gets hammered, that would only add more fuel to the fire but quite frankly it is more about rates than anything else.
Gold Price Predictions Video 19.11.21
The 10 year note is not necessarily offering a great return as far as interest is concerned, but it is worth noting that it is doing better than most other countries. That being said, it is not enough to keep up with inflation and that is truly what matters in this scenario. With that being the case, I think we have to look at this through the prism of whether or not we can hold support near the $1850 level, and then again underneath there at the $1835 level, an area that I had been talking about for months. Anything above that region suggests to me that we are eventually going higher, and therefore I think it is still very bullish look at this point and almost seems like a bit of a self-fulfilling prophecy just waiting to happen.
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This article was originally posted on FX Empire
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