SPDR Gold Trust (GLD)

[DiscoverGold]

Gold Continues to Find Buyers Along The Way
By: Christopher Lewis | May 10, 2024

• The gold markets continue to see a lot of buying at this point, as the week has been very strong for the yellow metal.

Gold Markets Weekly Technical Analysis

The gold markets have had a very strong week, and it looks like we continue to consolidate more than anything else. The market continues to use the $2,300 level as an area that offers massive support. And this is an area that I think a lot of people will be paying attention to. So, if we do get a pullback from here, I think buyers will jump in and try to take advantage of it. The market also will be paying close attention to the area just above the $2,400 level.

And if we can break above there, then it’s likely that the market will go looking to the $2,500 level. The $2,500 level will of course be a major round figure that a lot of people are going to be paying attention to as the market had shot straight up in the air and then has spent a couple of days to jump around. And therefore, I think you’ve got a situation where we may have a little bit of noise come into the picture, but given enough time, I do think that given the momentum that we had seen before that we will break out.

There are plenty of geopolitical concerns out there that will continue to drive gold higher. And then of course, everybody’s printing and they’re about to start cutting rates, which is the same thing. So, this really could send gold spiking higher over the longer term. Because of this, I believe that the markets will have to see a certain amount of a pullback to finally break higher, but it eventually will give enough time.

Read Full Story »»»

DiscoverGold