Gold Price Forecast – Gold Continues to Grind Higher

Gold Markets Technical Analysis

Gold rallied a bit during the early hours on Friday as we continued to grind higher in general. Ultimately, this is a market that I think will continue to be very noisy, but I think it almost certainly has a decidedly upward trajectory to it.

Yes, there recently has been a pretty significant amount of selling pressure, but at the end of the day, I don’t necessarily think you have to look at this through the prism of anything other than a buy on the dip type of market. After all, we have recently tested the crucial $2,300 level only to see the market turn around and show signs of life again.

So, with that, I think we have to assume that sooner or later there are going to be buyers on each dip, at least the way we’ve been behaving. So with that, I remain bullish. But I also recognize that it might be a little bit noisy above, and we probably need to put some work in to get to where I think we’re going, which is going to be $2,500.

I remain long of gold. I have no interest in selling it any time soon. Although if we did break down below $2,300, I would anticipate that we would then test the 50 day EMA. While I don’t expect this, we should always keep the alternate scenario in mind, especially when talking about commodities, which can be very volatile in times like now.

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