(MENAFN- Daily Forex)

• Gold initially pulled back just a bit during the trading session here on Thursday, but it looks like we continue to have buyers underneath willing to step in and pick up gold on the cheap.
• Notice how I had a inner consolidation range that we had been in for a couple of weeks, and then an outer one, which the outer one has been in place for months now.
• And we broke out of that inner range, but during the trading session on Thursday, we've jumped back into it.

It looks like there's at least some pushback in this area. So, I think you've got a situation where you have to look at this through the prism of a market that is doing everything it can to reassert the uptrend. But the question of course is going to be, do we really have the volume for that? And I don't think that's the case.

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So, with that, markets will continue to be very noisy. I think you've got a situation where you are looking at the 50 day EMA as a potential support level. But again, don't hold your breath on that. The reality is that market participants just don't really know what to do at the moment. Of course, volume is going to be a major issue this time of year as nobody's really trading volume in the gold markets . It won't be any different than the haphazard volume that we see in the futures markets in indices, which has been a miserable place to trade.

EURUSD Chart by TradingView

So I think if you're a shorter term trader, you probably have an opportunity here to pick up a little bit of a trade here and there, but that of course comes down to how patient you are for setups. And of course, you know, just look at this as a scenario where the longer term trend is most certainly to the upside. It certainly is positive. Longer term traders will continue to look at this as a buy on the dip opportunity, at least until we break down below 3,200, which is not something I'm seeing happening very easily here. With that, I remain bullish. I also remain very, very cautious with position sizing because we could get a sudden move based on a tweet or something. But as long as we stay above 3200, the upside bias remains. I just don't see how you fight that. Although it may be a grind higher, not necessarily a shot higher.

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