Gold Price Forecast – Gold Continues to See Buyers

Gold Markets Technical Analysis

The gold market rallied rather significantly during the trading session in the early hours on Thursday as we continue to see the $2,300 level offer a lot of support. The fact that we balanced should not be a huge surprise because a lot of this was nonsense brought on during the previous session in the bond market. So, with that being the case, and evidently people at one point worried about a currency crisis yesterday, which somehow was negative for gold, which made no sense.

We have bounced from the same area again, and it does look like we are ready to continue going higher. The 50-day EMA is currently being challenged. I do think that it’s probably only a matter of time before we break through there. And if and when we do, this is a market that I think will continue to see plenty of value hunters getting involved. And that does make sense that we would see another attempt to get to the $2,400 level.

If we were to break down below $2,280 that could change some things, but right now I just don’t see that. And even if we did break down below there, I think there is a massive amount of support below near the 200 day EMA that a lot of people would be paying close attention to as well. In other words, I’m long only when it comes to gold. However, I recognize that the market will be volatile.

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