Gold Price Forecast – Gold Continues to See Buyers

Gold Markets Technical Analysis

The gold market has pulled back just a bit during the early hours on Tuesday, but really at this point in time, it is starting to become a buy on the dip market almost daily as we grind sideways and try to sort out whether or not the risk appetite gets better or worse. Quite frankly, this is a market that continues to see a lot of sideways action as we work off the previous froth at this juncture. And I do think that we have a certain amount of support near $2,630, and then again, at the $2,600 level.

I do think that gold goes higher and to be quite frank, I think this is a market that has plenty of reasons to go higher. The first one of course is the fact that it’s in an uptrend to begin with. However, keep in mind that interest rates around the world continue to drop and that is good for gold. We have central banks such as Russia, China, India, and several other smaller Asian countries buying gold hand over fist, and there are plenty of geopolitical risks out there.

With all of that being said, it does make a certain amount of sense that gold continues to go higher. And therefore, I look at each and every dip at this point in time as a potential buying opportunity in what I recognize as a very strong trend and a market that may eventually get all the way up to the $3,000 level.

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