Gold Price Forecast – Gold Continues to Look Rangebound

Gold Markets Technical Analysis

Gold markets have fallen a bit during the trading session early Thursday morning, but we are approaching an area that is in fact supported as we have seen over the last couple of weeks. So I do think it’s very likely that we could see a bit of interest in gold here. Whether or not we can bounce enough to break back above the $2,900 level is the question. And if we do, then I think we just go back towards the top of the range near $2,950 or so. Anything above opens up the possibility of a move to the $3,000 level.

That being said, if we were to break down below the $2,870 level, then we might have a little bit of a deeper correction, perhaps down to the 50-day EMA and the $2,800 level. This, of course, is an area that is a large, round, psychologically significant figure, and a lot of people would be paying close attention to it. The 50-day EMA being there, of course, lends more credence, but it’s also worth noting that it was a major swing in late October of last year, and therefore I think a lot of people will be paying attention to that region, perhaps trying to pick up cheap ounces.

All things being equal, this is a market that I do like still, and I do think that there are plenty of global shocks out there that could come into the picture that people will be watching. Ultimately, this market is one that does tend to be very noisy. But we are very much in an uptrend, and that is going to continue to be the way going forward. So, with that, I think dips continue to offer buying opportunities.

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