Additionally, the market has proven to be quite resilient, especially as the market continues to see tight entry as a negative, but at the same time there are concerns that wealth preservation is a top priority for traders. The gold market pulled back a bit during Thursday’s trading as we saw the ADP numbers come in much hotter than expected. This made people worry that the Federal Reserve will remain very tight on monetary policy, so people start buying US dollars. Therefore, the market is likely to continue to see a lot of volatility, especially with Friday’s session being the jobs count, which always creates some noise. Advertisement Ready to trade gold? We care about you! Begin! At this point, if we get a significant pullback, I’m more than willing to buy gold because people have been using it to store wealth for quite some time. In addition, the market has shown itself to be quite resilient, especially as the market continues to see a narrow market entry as a negative, but at the same time there are concerns that wealth preservation is the first priority for traders. If so, gold is often bought to hedge accounts. Also many central banks do exactly the same and we have the 50 day EMA above the 200 day EMA, the so called „golden cross”. Waiting to Buy Dip This indicator tends to be closely watched by many longer-term traders so I think the buy and hold pile will appear more. I think there’s probably more of a „buy the dip” mentality in the market right now, which makes sense given how we’ve seen the market. So the hunt for value continues and I think the $1800 level is a nice support level. If we were to break below the $1,800 level, we could look at these moving averages as support, but I think that would take a lot of momentum to the downside, so I don’t see that ever happening. soon Granted, the jobs numbers might create a little more volatility, but I think it’s only a matter of time before the value proposition comes into play and people jump on the bandwagon. That’s why I’m taking my time and waiting for the opportunity to go long again after the first signs of a rebound.