Gold Price Forecast – Gold Continues to Look Strong

Gold Markets Technical Analysis

The gold market has rallied ever so slightly during the trading session on Wednesday, but as you can see, the market has seen quite a bit of upward trajectory in the recent week or so. And with that being the case, I think you have to look at this as a market that you cannot short. That being said, the gold market will have to deal with the FOMC meeting on late Wednesday and of course the press conference.

Short-term pullbacks offer buying opportunities at the $3,000 level, especially, and then after that at $2,900. We had recently broken out of a massive bullish flag, which measures for a move to the $3,300 level. I do think we could get there and in fact, I think we could get there quicker than people anticipate.

A lot of this will come down to the press conference and the statement coming out of the FOMC during the Wednesday session. There are no expectations of a rate cut, but if they sound like they are leaning in that direction, it’s very likely the gold will get a little bit of a boost. Either way, on pullbacks, I am more than interested in buying gold because this has been an incredible trend, not only based on the Federal Reserve, but quite frankly, the debt load of most major countries and of course, all of the geopolitical concerns out there as well. I have no interest in shorting this market and wouldn’t even start to look to do so until we broke down below the $2,800 level.

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