Gold Price Forecast – Gold Continues to Attempt a Move Higher

Gold Markets Technical Analysis

The gold market initially rallied during the trading session on Thursday, but then gave back gains. The ECB cut rates, so we’ve seen a lot of noise and therefore we have to question whether or not gold really starts to take off due to the fact that it looks like central banks around the world are starting to cut. The $2,400 level above is a major round figure that a lot of people will be paying attention to. So, I look at that as a potential target.

Short-term pullbacks are buying opportunities from what I see, especially with the 50-day EMA underneath offering quite a bit of support just above the crucial and obvious $2,300 support level. This is a market that has been very noisy as of late, but the recent consolidation looks to be giving way to a breakout, so I do believe that we will continue to grind higher. I don’t think it’s going to be an easy move. I just think that it’s a move that is destined to happen.

Short-term dips are buying opportunities and it’s not until we break down below 2275 that I’d be concerned about the short-term trend and even then, I would be looking for buying gold somewhere closer to the 2150 dollars level, which also features the 200 day EMA so that will of course be very important to pay attention to. Nonetheless, this is a market that I think favors the upside regardless and I would be very surprised to see us break down towards that region.

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