- Gold markets have rallied rather significantly during the trading session on Friday as we continue to see buyers come in and try to find a bit of safety in this very noisy market.
- With that being said, I am very cautious about chasing trades and I do think that given enough time, gold could very well pull back.
- But I think that pullback ends up being a nice buying opportunity.
Quite frankly, I don't have any interest whatsoever in trying to get too cute here. And with that being the case, I'm just waiting for value. Will value return? If it does, then I'm willing to buy some gold. If we see the market shoot straight up in the air, which is very possible the way it's been behaving, it is difficult to chase in this environment, mainly due to the fact that it's come so far in such a short amount of time that traders could find themselves holding the bag as it were.
Longer-Term Continues to See Buyers
Now, longer term, I don't see any reason why gold won't continue to race to the upside. And I therefore look at any dip as a potential value play. The $3,000 level underneath should be a major floor in the market, and I believe that is the way to look at it going forward.
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I have no interest again in shorting gold. I just think it's far too strong at this point. Nonetheless, gold is measured moved to go to the 3,300 level given enough time. And I would not be surprised at all to see that. That is based on the bullish flag that we had formed previously. So, we'll just have to wait and see if that plays out either way. With everything and all the craziness that's going on, Gold is still one of the best plays.
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