Gold Price Forecast – Gold Continues to Look Very Strong on Friday

Gold Markets Technical Analysis

The gold market continues to look strong during the Friday session as we continue to go higher. And therefore, I think you’ve got a situation where short-term pullbacks would almost certainly offer buying opportunities. Remember, there is a massive number of reasons for gold to go higher, not the least of which, of course, will be central banks cutting rates around the world. I mean, that is one of the biggest movers of the gold market. That being said, we are a little stretched, though I would not be surprised at all to see a little bit of a pullback, but that pullback should be a buying opportunity near the $2,680 level.

The market also will move higher based on geopolitics, which of course favors trying to find some type of safety. And then after that, you also have to keep in mind that several banks around the world, such as the Central Banks of India, Russia, and China, are all buying gold as well. So that comes into the picture thereby opening up the possibility of a bit of a permanent bid in this market.

Based on the previous bullish flag that we broke out of, I’m still looking for a move to the $2,800 level, possibly even higher than that. Given enough time, I think this is a market that probably eventually hits the $3,000 level, but it may take a little bit of time to get there. I have no interest in shorting this market whatsoever.

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