Gold Price Forecast – Gold Continues to Power Higher

Gold Markets Technical Analysis

The gold market has shown itself to be rather strong yet again, during the trading session here on Friday, as it does look like the overall uptrend is expected to continue. With that being said, I think you also have to realize that short-term pullbacks will continue to be a buying opportunity from everything I see. Ultimately, the market will end up looking at the $2,800 level underneath as a massive floor in the market. If we did break that to the downside, I would be surprised, but it would also send alarm bells ringing.

And the question now is whether or not we can continue to see the 2900 level above as a major barrier, or does it become something much less important? Only time will tell, but the reality is, this certainly looks like we are trying to get there, and therefore, I think you’ve got a situation where most traders are going to look at any dip as a value proposition in what has been a very strong uptrend.

If we were to break down below the 2800 level underneath, I think that would be a pretty significant sell-off just waiting to happen, but really I don’t think that changes the trend either. That just brings you back to the norm. So, all things being equal, I think we still have a very strong gold market going forward, and I only look to buy it, not sell it. I still think we are going to see a $3,000 print sooner than many thought previously.

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