- Gold continues to surge in a shortened Friday session, with strong bullish sentiment and buyers ready on dips.
- Key support levels remain intact, and momentum suggests a push toward $4,400 unless a major breakdown occurs.
Gold has rallied significantly during the trading session here on Friday, but you need to keep in mind that it was a shortened trading session. So, this was all in a few hours. On the other hand, you should also keep in mind that the market has been very strong over the last couple of days, and it looks like we are ready to continue to go higher.
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The fact that people are willing to sit on gold through the weekend is a very positive sign as well. And it's probably worth noting that the CME had some issues in various markets for a while there due to some data center issues. But since then, we've just shot straight up in the air. If we do pull back from here, then I think there are plenty of buyers willing to buy gold on a dip.
Key Support Levels and Dip-Buying Zones
The $4,200 level would be an area.that I'd be interested in right along with the $4,100 level and then eventually the $4,000 level, where the 50-day EMA comes into the picture. Over the longer term, I think you've got a scenario where we probably go looking to $4,400, and really at this point in time, I don't see anything slowing this market down.
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If we did break down below $3,950, that would be really ugly because we would have just formed a lower high, a double top after that, and then broke down. But right now, I just don't see that happening.
Gold is essentially just going straight up in the air. And with that being the case, you need to keep an eye on this market. You don't want to throw all of your money into it because, much like silver, it will reverse eventually. And when it does, it could be quite vicious. But clearly this is a one-way trade at the moment, and you can't look at it through any other prism.
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