Gold Forecast Today - 02/12: Gold Rallies Strong (Chart)

(MENAFN- Daily Forex)

• Gold markets rallied during the early hours of Friday as we continue to see the market bounce from the 50 Day EMA.
• All things being equal, this is an indicator that has been consistently important over the longer term in this market.
• It's not a huge surprise to see that we've seen a little bit of bounce back in this market, because quite frankly the selloff on Monday was a bit overdone.

That selloff of course was the result of the Israeli-Hezbollah cease-fire, which could bring down the temperature of fighting in the Middle East.

However, that does nothing for the Ukraine situation which seems to be getting worse by the day.

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Because of this, traders who are looking for a way to protect their wealth are in what looks to be a very volatile and dangerous situation. As the Biden administration is leaving, they are pushing more weapons such as landmines and long-term missiles into Ukraine, as well as financial support. However, things could be a bit different under the trump administration, so it'll be interesting to see how this plays out.

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The technical analysis of course is very bullish for this market in the longer term, but recently we have seen the Gold market sell off quite drastically during the Monday session, and since then have gone sideways. While I would typically think this is a very strong sign, and to some extent I still do, you also have to keep in mind that Thanksgiving was on Thursday, and that has a direct influence on what happens in the futures market. Friday of course is essentially holiday as well, as most Americans don't go back to work until the following Monday. While it doesn't slow down international trading, taking the Americans off the board is a major dip to participation.

All things being equal, I do like the gold market, and I continue to buy it on dips and will continue to do so as far as I can see. The $2600 level is support, followed by the trendline as well. To the upside, if we can break above the highs of the Monday candlestick, I don't think there's much to keep this market from going to the $2800 level.

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