We like the idea of buying the gold market especially if we break above the $1950 level.
When you look at this chart, you can see gold had gotten far too ahead of itself, and this pullback has been necessary. Whether or not this continues into a major selloff is a completely different question, but I think it is worth noting that we needed this pullback and it seems as if this is the market is simply trying to catch its breath. If that is going to be the case, then it is more likely than not we will see buyers jumping back into this market rather soon.
If we break down below the $1880 level, then we could see a much larger drop down from there, reaching down towards the 200-day EMA. The market at that point would have wiped out a lot of gains, and we should more than likely go much longer, perhaps reaching down towards the $1800 level and beyond. I do not think we are getting ready to do that, but you need to keep an open mind just in case the market suddenly lurches against you.
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