Gold Price Forecast – Gold Continues to Look Bullish in Quiet Trading

Gold Markets Technical Analysis

Gold markets have gone back and forth a bit during the course of the early hours on Thursday, but really at this point in time, it looks like the market is trying to figure out what to do next. The $2,800 level below, I think, is a floor in this market, while the $2,900 level above will continue to offer a bit of a ceiling. I am a little hesitant to get overly exposed to gold at this point because quite frankly, we have the jobs number coming out of America on Friday, and I do think that will have a major influence on not only the US dollar, but interest rates and pretty much everything else that moves gold.

So, with this, I’m hoping to see a little bit of a pullback that I can take advantage of, and then I will be a buyer again. I have no interest whatsoever in shorting the market, and I do think that eventually we not only reach $2,900, but I think we eventually reach the $3,000 level. At this point in time, there are plenty of geopolitical reasons to believe that gold is going to go higher, just as there are plenty of reasons to concern traders with their overall wealth, and therefore gold will continue to have a major portion of portfolios.

We do have the currency headwinds, but what I say at this point in time, it is likely that not only will the US dollar stay strong, but gold will move up right along with it. It can happen despite what you’ve been told. The entire decade of the 1980s proves that. Furthermore, if you have the ability to buy gold in other currencies such as the Australian dollar or the euro, etc., it may outperform gold against the US dollar, but either way, this is a bullish market.

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