Gold Price Forecast – Gold Continues to See Buyers on Friday

Gold Markets Technical Analysis

Gold rallied rather significantly during the early hours on Friday, as we continue to see a lot of strength in general. And as a result, it’s very likely that we will eventually try to go to the highs, which is near the $2,400 level. That being said, short-term pullbacks continue to be buying opportunities and with that being said, I think that the $2,300 level will end up being a massive support level with the 50 day EMA racing much higher.

In general, I think this is a scenario where we are busting out of a bullish flag, but regardless, keep in mind that the gold markets do tend to be very volatile, so you can’t just jump all in. You have to look at this through the prism of a market that can punish you if you are not careful. Pay close attention to the interest rates in America. That is one of the biggest factors, but we also have all of these geopolitical concerns that tie together quite nicely for gold to go higher.

With this, I like gold, but I want to buy it on pullbacks in order to not pay too much for it. It’s like anything else. You don’t want to buy it at the top of the market. If we can break above the $2,400 level, I think at that point in time, you have a run to the $2,500 level, which is a large round number and it’s psychologically important. So, I think that will cause a bit of a reaction. Either way, I have no interest in shorting this market.

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