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The gold market continues to look very strong on Tuesday, as the gold market has been forming a massive bullish flag, which will be catching the attention of most traders. In fact, I suspect that most technical traders are already involved or at least waiting to be so.
For what it's worth, the gold market bullish flag suggest that we could go looking to the $3300 level before it is all said and done, but it doesn't necessarily mean that it's going to be easy to get there. Because of this, I think you have to be somewhat cautious but I also recognize that you need to understand that we are most certainly in a bull market, and that's not changing anytime soon. The gold market not only has technical factors pushing and higher, but it has a wealth of reasons outside of technical analysis that make it look interesting.
Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money External Forces
There are a lot of external forces pushing the gold market higher at the moment, not the least of which would be the tariff war that we are watching kick off around the world. If we do get into some type of trade war, then it makes a significant impact on what people do with their money. Remember, gold is considered to be a safety trade, so it is likely that it will continue to attract a certain amount of inflows in this environment.
Furthermore, the US dollar has been softening, so that helps gold as well. Remember, it is considered to be the“anti-dollar trade” by a lot of traders, but both can rise or fall at the same time, so you cannot put all of your faith in that one thing.
EURUSD Chart by TradingView
Furthermore, we also have to understand that there are a lot of concerns about the entire continent of Europe at the moment, as we have conflict in Ukraine, and there are a lot of questions as to where Europe is going to go moving forward. America looks very much a problem as well, as recession seems to be coming. In short, there are plenty of reasons to think that gold goes higher.
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