Gold Price Forecast – Gold Continues to Look Strong Long Term

Gold Markets Technical Analysis

The gold market has been pretty sideways over the last couple of days, although Tuesday was positive, Wednesday is very quiet. At this juncture, it’s worth noting that the FOMC meeting minutes come out late on Wednesday, and I think that has a major influence on where we go next. Short-term pullbacks are potential buying opportunities, with the $2,475 region offering quite a bit of potential support, as it was potential resistance. If we can break above the highs of the Tuesday session, that would obviously be very bullish, and I think it would show the market getting ready to continue going higher.

The FOMC meeting minutes come out late in the day on Wednesday, and I think that will be a big mover. But really, at this point, I think it’s hard to deny the fact that we are in a major uptrend, and therefore one would assume that it should continue to be so. Short-term pullback should see plenty of buyers, especially near the 2400 level where the 50-day EMA is hanging around right along with the uptrend line. This is a market that I think will continue to be very noisy.

But ultimately, anytime it falls, it seems like there are plenty of people out there willing to buy gold. This does make a certain amount of sense. After all, we have a major geopolitical time bomb out there with so many negative things going on at the same time and we have central banks cutting rates. Furthermore, we have central banks buying gold, which also puts a bit of a floor in it. I’m a buyer of dips as I think we will go higher.

For a look at all of today’s economic events, check out our economic calendar.