Gold markets have pulled back from the $2000 level during the trading session on Tuesday as the pair continues to cause a significant amount of selling. Ultimately, the market looks likely to see a bit of a fight there, but it looks to me like we are going to continue to see upward pressure in general. If we can break above the recent high which is sitting just above the $2000 level, then the market is likely to go racing towards the $2100 level. Although this is a difficult barrier, I believe that buying the dips continues to work as the Federal Reserve floods the market with greenbacks. As long as we continue to see ultra-loose monetary policy, it is likely that we will see the US dollar lose value, thereby making gold go higher as it takes more of those dollars to buy an ounce.
That being said, obviously the $2000 level is an area that will attract a lot of attention. This is purely psychological, although we had seen significant selling in that area previously. Underneath, the 50 day EMA is sitting at the $1900 level, and I believe that is the “new floor” in the market. As long as we can stay above there, I think that we have plenty of buyers that are willing to step in and take advantage of this market. Quite frankly, I would love to see this market break down below there and go looking towards the $1800 level, because I think there is massive structural support there as well. Notice how I have not suggested selling, because quite frankly I think that is impossible right now. #gold##GoldBreaks2000#
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