Gold Price Forecast – Gold Continues to Look Sideways

Gold Markets Technical Analysis

The gold market has pulled back just a bit during the early hours on Tuesday, but at this point in time the market is likely to see more sideways action than anything else, as the market probably will spend most of its time trying to sort out whether or not the uptrend can continue. And I do think that it eventually will be due to the fact that there are numerous geopolitical issues out there.

And with that being said, I think you’ve got a situation where you’re looking for each and every short term pullback as an opportunity to get long yet again. If we break down below the $2,900 level, then we could go down to the $2,800 level, which is right where the 50-day EMA is hanging about. The 50-day EMA at the $2,800 level also is backed up by the idea that previously it was significant resistance.

So, one would have to assume there’s a certain amount of market memory there. Anyway, with geopolitical concerns, and issues with global trade via tariffs, I don’t really see anything on this chart that suggests that we won’t reach the $3,000 level. We had recently shot straight up in the air since basically Christmas time, so a little bit of sideways action certainly doesn’t hurt anything, and I think makes perfect sense. The question now becomes what happens at the $3,000 level, because it is a large round psychologically significant figure that will attract a lot of headlines.

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