Gold Price Forecast – Gold Continues to Look Impressive

Gold Markets Technical Analysis

The gold market rallied a bit during the early hours on Friday as we continue to see a lot of upward pressure. At this point in time, if we pull back, I think we will have plenty of buyers coming in to pick up cheap gold, with the $2,600 level offering a significant amount of support. We have been in an uptrend for quite some time, and I think that continues to go forward. And ultimately, I would pay a little bit of attention to the $2,685 level as it was the latest high. But if we can break above that, then $2,700 gets targeted. Longer term, I actually think we could go as high as $3,000.

I’ve got no interest in shorting the gold market because quite frankly, the fundamentals and the technical analysis all tell me that we should go higher. We have central banks around the world buying gold hand over fist, we have massive geopolitical problems, and of course, the most important thing for a lot of gold traders, the Federal Reserve is looking to cut rates.

So, with all of that being said, I think you’ve got a situation where gold will continue to be a buy on the dip and hold the type of position in most people’s portfolios. With this, we need to think about the idea of whether or not any other factors come into play, as the market certainly looks very bullish, and at this point in time, it’s really hard to see how this thing turns around.

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