Gold Price Forecast – Gold Continues to Reach Higher

Gold Markets Technical Analysis

The gold markets rallied well above the $2,500 level again on Monday, as it looks like we are ready to go much higher. In general, this is a market that I think continues to see a lot of interest around the $2,500 level, which is a large round psychologically significant figure. And of course, an area where one would expect to see a lot of options trading and therefore it has a major influence on the market. Short term pullbacks should continue to open up buying opportunities with the $2,450 level being supported.

All things being equal, if the market were to break higher from here, and it certainly looks like it wants to reach a fresh new high, then it opens up the possibility of a move to the $2,650 level based upon a measured move of the recent pullback. Gold, of course, has a boost due to the fact that the central banks around the world are buying it, and then of course, we have a lot of geopolitical concerns around the world that could have people looking to gold for some type of safety.

Overall, this is a market that I have no interest in shorting, it’s far too strong, and I just don’t see how that changes anytime soon. Unless of course you believe that interest rates are suddenly going to spike, that the war drums in Ukraine and the Middle East are going to stop, and of course Russia, really, at this point in time, this is a one-way trade.

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