Gold Price Forecast – Gold Continues to Look Strong

Gold Markets Technical Analysis

The gold market has rallied a bit during the early hours on Friday, as we continue to see upward pressure. That being said, the $2,060 level continues to be an area that a lot of people will pay attention to, as it has been resistance previously. And I think that is more or less a resistance zone up to the $2,075 level.

The $2075 level is an area that I think if we can break above there, then we can truly take off in some type of FOMO trade. That being said, it’s going to take a lot of work to get there. If we can get there and break above it, then I think gold really starts to take off. Pay close attention to the idea of whether or not the US dollar is rising or falling, and of course, whether or not interest rates are moving. If interest rates fall in the United States, that typically helps gold markets.

But let’s not forget the whole geopolitical situation out there as well, because quite frankly, geopolitics could drive gold higher also, due to the fact that there is going to be a lot of concern out there for traders having to pay attention to the Middle East, potential global downturns, inflation. Also, central banks around the world continue to be buyers, so that matters as well obviously.

I mean, there’s a lot out there right now. I like the idea of buying gold on dips. I recognize that gold could very well be a very noisy market. I also recognize that there is a massive amount of support underneath, right around the 2000 level. Then it sends down to the $1,980 level, which is also attracting the attention of the 200-day EMA. So therefore, it’s a buy-only market for me, but I don’t necessarily want to chase it either.

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