Gold Price Forecast – Gold Continues to Bounce Around in a Range

Gold Markets Technical Analysis

The gold market pulled back just a bit during the early hours on Monday, but we are still in an area that’s been very noisy and important. So, I do think it is probably only a matter of time before the buyers come back into the market. It’s probably worth noting that the 50 day EMA continues to slice through the consolidation area.

And therefore, I think there is a certain amount of technical analysis that comes into this picture to offer a little bit of technical support and perhaps algorithmic support, depending on who’s out there putting money into the market. Underneath there, we have the $2,300 level, which of course has been supported for quite some time, which extends down to the $2,280 level. A break above the highs of the day opens up the possibility of a move to the $2,370 level, possibly a move to the $2,400 level after that.

Keep in mind, gold has plenty of reasons to go higher, although pulling back is possible at this point, but given enough time, I think we do see the market try to get to that $2,400 level for no other reason than perhaps geopolitics. If we do break down below $2,280, then there are plenty of areas of support underneath, especially near the $2,200 level, maybe even the $2,150 level where the 200-day EMA sits. Regardless, this is a market though, that I don’t have any interest in shorting, and I do think it’s more likely than not we see a bit of a bounce from this region.

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