Gold Price Forecast – Gold Continues to Look Toward Higher Levels

Gold Markets Technical Analysis

Gold markets have rallied a little bit in the early hours on Wednesday as we continue to see a lot of noisy trading. All things being equal though, this is a market that I think continues to see a lot of interest and I do think eventually takes off to the upside due to all the profligate spending around the world. It’s interesting that we had spent all that time consolidating and now it looks like we are going to continue the overall uptrend. While I am bullish of gold, I don’t necessarily think it’s going to scream to the upside. I just think it continues due to massive debts and these debts are not only in the United States, but most other economies.

So, if you look at gold in terms of Australian dollars, Japanese Yen, Euro, it all plays out the same way. So, with that, I think it’s a little bit of a knock-on effect over here, despite the fact that the US dollar is somewhat strong. A pullback from here would attract the attention of buyers, especially near the $2,700 level and then again, the 50 day EMA.

So, with all of this being said, I think a lot of what’s going on is a little bit of safety due to all the debts and as you can imagine, the threat to trade. But really at this point in time, Trump is a businessman, so trade will go on regardless of tariffs or not. So, I think that piece of the puzzle is probably a short-term thing. Longer term, I mean, gold’s in an uptrend, so why would you fight it anyway?

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