Gold Price Forecast – Gold Continues to See Buyers

Gold Markets Technical Analysis

Gold markets have rallied ever so slightly in the early hours on Tuesday as it looks like we are trying to recover from the nasty sell-off on Monday, which I think was more or less just fueled by panic. While gold is considered to be a safety asset, sometimes traders will have to sell their positions in order to cover losses in other places and I think that’s actually what happened. The $2,800 level above is a major resistance barrier and I think we are going to try to get there again. If we could break above that level, then I think we would probably go looking to the $2,900 level and then eventually the $3,000 level.

Underneath we have the $2,700 level offering support and now that the 50 day EMA is racing toward there, I think we will see even more support. Gold will continue to not only be attractive due to geopolitics, but also the uncertainty with the global economy and all of the tariffs that could be flying out of the United States.

Donald Trump has made it clear that he’s not afraid to slap tariffs on anybody, and with that being the case, a lot of people are nervous as he employs his America First policies. At this point, we are in an uptrend, and it looks like we are going to try to test a potential breakout again.

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