Gold Forecast Today 02/07: Continued Consolidation (Video)

(MENAFN- Daily Forex)

• Gold markets have rallied pretty significantly during the trading session here on Tuesday as we continue to see a lot of noisy trading.
• All things being equal though, this is a market that I think given enough time we'll try to get to the previous resistance barrier of $3,500, but between now and then we probably have the $3,400 level, which is an area that has been noisy more than once.
• The fact that we pulled back is not a huge surprise considering that there was a bit of a shock to the system with the jobs number in America, at least the job opening number in America coming out hotter than anticipated.

Keep in mind this week is going to be a bit different, because it is a non-farm payroll week, but the announcement is actually on a Thursday instead of a Friday as Friday is July 4th and a major holiday in the United States.

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Ultimately, this is a market that I think when you see a short-term pullback, you are looking for buying opportunities at the first signs of a bounce. I have no interest whatsoever in trying to short this market.
But if we were to break down below the bottom of the hammer from the previous session, then you could see gold pull back to the $3,200 level. All things being equal, this is a market that is going back and forth and trying to work off the excess momentum that has entered this market.

EURUSD Chart by TradingView

This is a situation where you're looking for value and you are taking advantage of it, as the gold market has been so bullish for so long. I have no interest in trying to fight this trend, despite the fact that we are going sideways recently.

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