Gold Price Forecast – Gold Continues to Push to The Upside in Early Trading

Gold Markets Technical Analysis

The gold market dipped slightly to kick off the early hours on Tuesday only to turn around and show signs of resiliency. At this point, I’m paying very close attention to the $2,400 level and if we can break above there then I think we could have a real shot at gold rallying. However, it’s worth keeping in mind that this week features the Federal Reserve and that of course is late on Wednesday, and that will have a major influence on what happens with gold. Before that we have the Bank of Japan which could also have a bit of a knockout effect as well.

Either way, if we can get a daily close above the $2,400 level, I think that’s a good sign, and I do believe the gold will continue to rally at that point. In general, this is going to be a very noisy and volatile week, and that’s just something you’re going to have to deal with. Short-term pullbacks should be supported near the 50-day EMA, and then again at the trend line on the chart near the $2,333 level.

Underneath there, we have the $2,300 level, which has also been pretty significant support. In general, this is a market that looks like it’s going to go higher over the longer term, but that doesn’t mean that it’s an easy move, nor does it mean that it’s a clean one. I think we are going to see a lot of choppiness and volatility to the upside.

For a look at all of today’s economic events, check out our economic calendar.