Gold markets hesitated during the last session. See where they are going next:
The market has a significant amount of support underneath that extends down to the $1920 level, which begins the next major support zone. That zone opens up for a move to the $1880 level where I consider the trend to be supported completely. A move down below that level would be very catastrophic and would probably represent some type of massive surge in the US dollar.
At this point, one thing that you need to pay attention to is the 10-year yield in the United States. The yield is starting to spike, and sometimes that can work against the value of the metal, as it’s cheaper to hold paper than it is to store gold. That being said, there is so much in the way of uncertainty right now that gold does offer a certain appeal based upon that alone. Because of all of these moving pieces, this is going to be a very difficult couple of weeks.
That being said, you have to look at this as a market that is currently bullish, so I do not like the idea of shorting. I do believe that eventually, the buyers will return, so it is going to be difficult to imagine a scenario where we simply fall apart. Ultimately, this is a market that I think needs to at least attempt the $2000 level, but the question is how we get there.
Looking for value will more likely than not be the best way to play this market, as there should be plenty of pullbacks so give us the opportunity. You will probably need to focus more on short-term charts for entries than anything else at this point.
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