Gold Price Forecast – Gold Continues to Look Very Strong

Gold Markets Technical Analysis

The gold market has really taken off again in the early hours on Tuesday, as we continue to see a lot of upward momentum with the possibility of breaking above the $2,450 level. If we can break above that level, then it will be a continuation of the overall bullish pressure that we have seen for some time. And I do think it’s probably only a matter of time before that happens. The question, of course, is whether or not we get a short term pullback. In the meantime, we did get that pullback somewhat on Monday.

So maybe Tuesday is just a continuation and eventual breakout. Clearly, we are in a major uptrend and at the very top of the consolidation area that’s been going on since roughly the beginning of April. There are plenty of geopolitical concerns out there that could continue to push gold higher. And then of course, there are ideas that the central banks, even the Federal Reserve might be out there looking to cut rates at the end of the year.

So, if that’s going to be the case, that could also help the gold market going forward. After all, this is a market that is highly interest rate sensitive. So that obviously is a major factor. Pullbacks at this point in time should the plenty of support right around the $2,400 level based on psychological support as it was psychological resistance. And, of course, there are probably quite a few options barriers. Either way, I think that we are either going to break out or we are going to remain a buy on the dip market.

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