Gold Forecast Today 03/01: Gold Eyes Breakout (Video)
(MENAFN- Daily Forex)
During the early hours on Thursday, we've seen Gold climb pretty nicely to break above the 50 day EMA, and it now looks like we may continue the overall consolidation. While I'm not wildly bullish on gold, it is worth noting that yields dropped during the session on Thursday. This gave gold a little bit of a reprieve from the yields in America have been like an anchor around the neck of gold pricing.
That being said, nothing has truly changed on the chart as far as being in the midst of consolidation. In fact, I would postulate we are right in the middle of it. So, with that being said, if I had to place a trading gold, it would be to the upside because I certainly don't want to short what has been a fairly significant of trend.
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But at the same time, I don't necessarily want to put a lot of money into the gold market in what is probably a somewhat thin market as well. You have to keep in mind that a lot of traders won't really get involved until the first full week. And even then, we have to be a little bit careful because we do have non-farm payroll numbers coming out on Friday and that will have a major influence on what happens with the Federal Reserve.
You could see, in theory, gold rally for a couple of sessions here, and then get a jobs number that's extraordinarily strong, which could have implications with Federal Reserve interest rate policy and then turn this thing around again. So, I think we're still very much in consolidation, the odds favor moving higher over the last couple of days as we are at the bottom of it. But whether or not we can break out is a completely different question. In fact, I would need to see gold break above the $2,715 level in the spot market to start to get excited about owning it. As things stand right now, buying dips probably will continue to work, but in short term bursts.
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