Gold Forecast Today 03/09: Breaks Resistance (Chart)

(MENAFN- Daily Forex)

• Gold markets continue to see a whole lot of buying pressure during the Tuesday session, as the futures market is threatening the $3600 level already.
• The size of the candle is very strong, not to mention the fact that there is a significant amount of volume for the session as well.
• In other words, this was a breakout that mattered from what I can see.

Technical Analysis

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Beyond the massive impulsive and volume attic candlestick, we have just broken above the top of an ascending triangle, which could by the so-called“measured move” suggest that gold is going to go looking to the $3800 level. Short-term pullbacks should see a bit of support near the $3520 level, so any pullback at this point in time will probably attract a certain amount of attention.

The 50 Day EMA is sitting just below the $3400 level, and on top of the previous uptrend line from the ascending triangle. Quite frankly, it's not until we break down below there that I would even remotely consider trying to think that the trend has change, but we also have to keep in mind that the market also continues to ask questions of a whole plethora of issues out there, so with all of this, it's worth watching multiple other factors at the same time. Regardless, the momentum is almost certainly positive at this point, and therefore it's almost impossible to think about shorting this market FactorsEURUSD Chart by TradingView

There are still a plethora of external factors that a lot of people will be paying close attention to, not the least of which is that there are concerns about the global economy slowing down. There's also the fact that the central banks around the world continue to hoard gold, and that puts in a bit of a“permanent bid” into this market. Volume is picking up, and I think that does make a huge difference, as institutional traders are starting to come back to work from vacation as well. At this point, it's pretty clear as to the overall direction of this market.

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