Gold Price Forecast – Gold Continues to Face Ceiling

Gold Markets Technical Analysis

The gold market was down just a touch during the early hours on Wednesday as we are waiting for the Federal Reserve and I think that’s probably going to be the big story for the day, we’re just hanging around trying to sort out what we’re actually going to do. With that being the case, I assume that the trend continues. I mean, it is there for a reason after all and therefore, I look at pullbacks as potential buying opportunities.

The $2,700 level underneath could very well end up being a short-term floor with the 50-day EMA racing toward it. If we do turn around and break higher, a clearance of the $2,800 level would be extraordinarily strong for gold and send it much higher as well. And in fact, the measured move at that point for me is $3,000, which is my longer-term target anyway, so it all ties together quite nicely.

Gold, of course, has a lot working for it on the sidelines, such as geopolitical tensions and fears of tariffs. That has some people looking to protect their wealth, although full disclosure, you get more bang out of your buck as it were, owning gold in other denominations, not the US dollar. For example, take a look at gold against the Australian dollar. Either way, it will move in the same direction, and I am bullish of gold, regardless of the denomination.

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