Gold Price Forecast – Gold Continues to Look Strong But Tired

Gold Markets Technical Analysis

The gold market rallied slightly during the early hours on Tuesday as we continue to see a lot of upward momentum, but really at this point, I think we are a bit overdone. A short-term pullback would be very useful, and it could allow traders to jump in and pick up cheap gold as it were.

This is a market that is being supported by multiple different things at the same time, not the least of which would be geopolitics as the situation between Russia and Ukraine is doing everything it can to expand. Furthermore, we also have a conflict in the Middle East and then of course we have central banks around the world cutting interest rates quite drastically.

So, with that being said, I think you have to look at any dip as an opportunity. The $2,530 level is a previous resistance barrier, and it should now be the floor in the market. Furthermore, we also have the 50 day EMA racing towards that area. So, I think you’ve got a situation where you could find value hunters there willing to take advantage of it.

Looking forward, I believe this is a market that could go to the $3,000 level. And that is a target of mine in the meantime. That being said, I don’t think it is easy going to get there, but I believe that it’ll be more of a back and forth kind of choppy market that eventually goes to the upside. I have no interest in shorting.

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