(MENAFN- Daily Forex)

• The gold market has shown itself to be rather noisy, but bullish during the trading session here on Tuesday. We pierced the crucial $4,000 level, an area that I think, of course, a lot of people will be watching very closely as there's a lot of headlines around it. The question is, can we continue to go to the upside?

Gold Has More Upside Eventually

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I think we do eventually, really at this point in time, what I want to see is some type of pullback. We are a little overdone. After all, in the last eight days, we've only had one red candle. That is a very bullish market but considering that you could say the same thing about the previous uh clusters of eight days, that is also a market that is suggesting that it is overbought. Short-term pullbacks, I think, are buying opportunities closer to the $3,900 level, but we'll have to see whether or not we get there. It is worth noting that previously we had an ascending triangle that measured for a move to the $3,800 level. That level for me now should have enough market memory built into it so that eventually the buyers would return if we get anywhere near it. Anything below there? Then you start to ask questions about the 50-day EMA, maybe the trend, just don't know. I think it would take a lot to make that happen and we're more likely than not to see the market go higher at this point. Some larger banks are now calling for $4,900. We'll see whether or not we get there. I don't think we get there soon, but I also recognize that it's very difficult to get short of this market. It is just far too strong and therefore you have to look at dips as potential buying opportunities in order to pick up cheap gold.

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