Gold Price Forecast – Gold Continues to Look Strong

Gold Markets Technical Analysis

Short-term pullbacks continue to be something that I look for when it comes to the gold market as the 50 day EMA underneath offers support right along with the $2,300 level. The $2,300 level is a large round psychologically significant figure, but it is also the beginning of a range of support that drops down to the $2,280 level. Keep in mind that there is a significant amount of geopolitical concerns out there.

And I think that continues to keep the gold market somewhat active. And then we could continue to grind higher, perhaps reaching the $2,400 level. In general, this is a market that I think remains very noisy and very erratic, but very well supported. After all, central banks around the world are major buyers of gold, have been for a couple of years now, so that provides a little bit of a floor anyway.

In general, this is a market that I think will be very noisy and choppy, but I do think that it’s very difficult to short gold at the moment. Even if we broke down below the $2,280 level, it’s very likely that we would just reset closer to the 200-day EMA, which is right around a cluster of previous action, just north of the $2,150 level. With that, I remain bullish.

I just recognize that you might want to look for a little bit of value. Keep in mind that Thursday is Independence Day in the United States, so that will have a massive amount of influence on the liquidity and the futures market. And of course, Friday is the jobs number.

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