Gold Price Forecast – Gold Continues to Drive Higher

Gold Markets Technical Analysis

Gold markets have continued to see a lot of volatility and during the early hours on Friday, it looks like we are yet again trying to break to the upside. Somewhere near the $2,480 level, there seems to be a lot of resistance, and I would assume that the resistance extends all the way to the crucial large round figure of $2,500 above. I also assume that there would be a lot of options barriers near the $2,500 level, so it is going to be a bit of a fight to get through there.

That being said, I think it’s probably only a matter of time before we break above that level, and therefore, I think you would see more FOMO trading at that juncture. Short-term pullback should continue to see plenty of support near the $2,440 level. And then again, at the $2,400 level, which also features the 50-day EMA. With this being the case, I think you’ve got a situation where you are buying dibs or buying a massive breakout in the gold market.

There are plenty of reasons for gold to be going higher, not the least of which would be the geopolitics around the world, but we also have central banks around the world buying gold. Beyond that, we also have central banks cutting rates. So, with all of these things tied together, and obviously a lot of volatility and uncertainty in general, it does make sense that gold goes higher.

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