Gold Price Forecast – Gold Continues to Hang Around in a Consolidation Range

Gold Markets Technical Analysis

Gold markets have pulled back just a bit during the early hours on Tuesday, but I think at this point in time, it’s obvious that the gold market is somewhat bullish over the longer term, and we have the possibility of holding on to the 50 day EMA. We most certainly have the possibility of holding on to the $2,300 level underneath, which is massive support. I think given enough time, we will continue to go higher, perhaps reaching the $2,360 level. This is the first target.

The $2,360 level is a bit of resistance, but I think it will be more likely than not be blown through and we will go to the 2400 level. We are starting to see interest rates rise a bit and that of course has a certain amount of influence, but there’s so much in the way of geopolitical concerns right now it’s difficult to get short of gold. In general, this is a market that I think continues to see a lot of back and forth, perhaps to move towards the $2400 level.

Now, this is a situation where we don’t necessarily have a lot of clarity for the short-term move, but longer term, it certainly looks like we’re going to continue to hang around in this area. Keep in mind that liquidity will be a bit of an issue. Thursday is Independence Day in the United States, so the next couple of days might be a little bit off, as it were.

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