Gold Forex Signal Today: 13/03: Pressures Resistance (Chart)

(MENAFN- Daily Forex) Potential Signal:

• I would be a buyer of gold at the $2933 level, with a stop at the $2890 level.
• I'd take half off of my position at $3000 and let the other ride for another couple of hundred dollars

On Wednesday, we have seen the gold market rallying, as it continues to pressure resistance above. Ultimately, this is a market that should continue to go higher over the longer term, as there are a lot of issues out there that could continue to drive traders into a bit of a safety trade going forward. Furthermore, we are forming a bit of a bullish flag, which is something that almost always attracts a lot of attention from technical traders. With that being said, it seems as if it would take very little to get this market moving to the upside yet again.

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Short-term pullbacks should continue to be thought of as potential buying opportunities, as the market is obviously very bullish, and it's very difficult to imagine the idea of the situation getting better anytime soon. With the tariffs being levied or at least threatened to be levied, a lot of traders are worried about global trade, but also, we have to worry about the idea of whether or not the Ukraine peace deal will actually happen, and then of course we have to worry about the global slowdown in general. There has been a lot of excess around the world when it comes to cheap money, and that seems to be coming to a bit of an end Analysis

EURUSD Chart by TradingView

As previously mentioned, we are in the midst of forming a bullish flag that I think just about everybody on the planet can see. If the gold market can break above the $2933 level, it could unleash a fairly significant move in this market. The so-called“measured move” of the bullish flag is for the market to go looking to the $3300 level, although that would obviously be a huge move. Short-term pullbacks should continue to attract a certain amount of attention, especially with the 50 Day EMA approaching the bottom of the bullish flag at the same time. Ultimately, I am bullish of gold at just about any scenario right now.

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