XAUUSD Forecast: Gold Find Buyers on the Short-Term Dip
At that point, the buyers came back into the picture and started to push this market to the upside. The $1950 level attracts a certain amount of attention; therefore, I think breaking above there solidly will allow this market to go towards the $1970 level, an area that has seen plenty of resistance.The candlestick does suggest that perhaps we will continue to push higher, but short-term pullbacks may cause the occasional noisy bit of trading.
The $1900 level underneath has been very supportive recently, and now it looks as if we had formed a small “double bottom” in that general vicinity. On the upside, if we were to break above the $1970 level, then it is likely that we go looking towards the $2000 level next, maybe even the $2050 level, an area that has been visited recently. Gold is continuing to move in negative proportion to the bond markets and yields as per usual. Furthermore, with the jobs number coming out on Friday it will have a major influence on what happens with the US dollar, which by extension will have a lot to do with what happens in the gold market.
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