Gold Price Forecast – Gold Continues to Look to Higher Levels on Thursday

Gold Markets Technical Analysis

The gold market has rallied a bit during the early hours on Thursday as we continue to see a lot of noisy behavior in a market that has stretched quite drastically to the upside over the last several months. And as we had previously pulled back to the 2,600 level, it looks as if that is going to be your floor going forward. The 50-day EMA is also rising towards the 2,600 level. So, all things being equal, I think that is an area that we need to pay close attention to.

The market breaking the way we have recently suggests to me that it is only a matter of time before we go even further to the upside and looking at the previous action, which now looks a lot like a bullish flag, I think the suggested measured move is the $2,800 level. That being said, I also believe that we go further than that. Quite often you do, and my target at the moment is $3,000.

That being said, it doesn’t necessarily mean that it’s going to be an easy path there, and it doesn’t necessarily mean that it’s going to be quick, but I do think that’s where we are going. In fact, I don’t really have a situation where I’m shorting gold, probably not until we break down below the 2,475 level, which of course we are nowhere near, and even then, I’d have to look at the fundamental situation. Speaking of fundamentals, we have geopolitics and interest rates going down, both working in favor of gold.

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