Gold Price Forecast – Gold Continues to Reach Higher

Gold Markets Technical Analysis

The gold market has rallied a bit during the trading session on Tuesday as we have bounced from the 50 day EMA and it now looks like we’re trying to breakout above the resistance of the last week or so, to get to the $2,700 level. The resistance is right around $2,660 and that’s right where we are heading into the futures open. So, it’ll be interesting to see how this plays out.

If we can break to the upside, then the $2,700 level is a large round psychologically significant figure that will attract some attention, but the real top of the resistance is probably closer to the $2,712 level. In general, I believe gold is a market that’s probably going to go sideways over the next couple of months, really, because, quite frankly, interest rates in America stay stubbornly high and unless we get some type of huge run to safety type of trade, I think gold is just going to digest some of the massive gains it had in 2024.

The range right now, I would say, is between $2,715 and $2,590. But it could expand from time to time. Right now, we’re right about the middle of the consolidation range, which is a really good place to find trouble if you go looking for it. The US dollar can rise while the gold market rises as well, despite what you may have been told.

There was a time period in the 80s where it did it for something like nine years in a row. So, with that being said, don’t be lazy. Don’t just look at the US dollar and make a trade. It really comes down to interest rates, concerns about geopolitics, et cetera. Right now, I do think that gold eventually takes off, but right now it’s got some work to do.

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