Gold Price Forecast – Gold Continues to See Noise

Gold Markets Technical Analysis

As you would expect with a jobs report coming out on Friday, the gold markets are all over the place today. With that being the case, it does make a certain amount of sense that you exercise some caution. The jobs numbers missed by about 60,000 jobs. And I think at this point, the market is trying to sort out what it wants to do.

The $2,300 level, of course, is an area that has been important multiple times. So, the fact that we are hanging around this area is not a huge surprise. If we turn around and rally from here, then I think it’s just the continuation of more of the same. And quite frankly, if it looks like the Fed may cut rates, and I think it’s a little premature to say that then that will drive gold higher. We have plenty of geopolitical issues, so keep that in mind.

So regardless of what happens here, we are still very much in an uptrend. The 50-day EMA underneath could obviously offer a lot of support. And then underneath there, I think the $2,200 level is a major floor just waiting to happen. I don’t have any interest in shorting gold, and quite frankly, I would love to see this market pull back in order to take advantage of cheap gold bars. At this point in time, I remain bullish, but maybe a little bit of stability is needed first on an upward trajectory to actually put money to work.

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