Gold Price Forecast – Gold Continues to Look to Upside

Gold Markets Technical Analysis

The gold market has gone back and forth during trading on Friday as we don’t really seem to have any momentum one way or the other, even after the jobs number, which was a little bit of a miss. There was a little bit higher unemployment, but really nothing was going on. So that tells me we’ll probably drift into the weekend. The longer term analysis looks very much the same though, as we are in a bullish flag, and therefore you would have to assume that perhaps we will eventually break out to the upside.

If and when we can, then it opens up the possibility of the market breaking to the $3,000 level initially, and then possibly even the measured move of 3,300. That I think would take serious time, but it is something that could happen given enough time. And with that, I would be somewhat interested in trying to get involved, but we’ll just have to wait and see how this plays out because clearly, there is a bit of a barrier above that is causing headaches for those who are bullish.

Longer term analysis, I think, hasn’t changed at all. Really, I think we’re just pressuring this area and when it finally gives way once we finally get the fundamental excitement or news to really get moving, then I think you have the possibility of a true breakout. I think the breakout could have a lot of momentum built into it, but we’ll just have to wait and see.

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