Tuesday’s trading session saw a little increase in the price of gold, as this market continues to display remarkable resilience. Nevertheless, it will be intriguing to see if we can maintain this pace, since it has been quite unrelenting. I do believe that a decline is more likely than not, but the US currency does not appear to be strong enough to bring it about. While the negative link has diminished somewhat, a quick decline in the dollar is advantageous.
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Gold markets are sensitive to a variety of factors, and they have been exceptionally bullish for some time. As a result, it would not surprise me in the least if this market took off without a setback, but I dislike “paying up” for any of my investments. In any case, there is always another trade you may focus on, therefore it is important to note that when a pullback occurs during an uptrend, you are essentially purchasing something “on sale.” This is what I hope to accomplish here, possibly purchasing someplace closer to $1850, and if possible, somewhere closer to $1800. Having said that, I have no interest in shorting this market, as it has recently proven to be too resilient, therefore I simply do not see the need for shorting gold.
I’ll be the first to say that I’ve made a few ill-fated shorts along the way, but this channel proves to be far too solid to battle against, and I really believe we may eventually aim for $2000. At this moment, I only need to locate a slight retreat.