Gold Price Forecast – Gold Continues to See Buyers at $2300

Gold Markets Technical Analysis

Gold has gone back and forth during the trading session on Friday as the core PCE price index numbers came out at 0.1% as expected. So with that, I think you’ve got a situation where traders are probably focusing more or less on going home for the week. The gold market sits just above the 50 day EMA. I think that’s worth noting, but I also would be very cognizant of the idea that the $2,300 level underneath continues to be important. So as long as we can stay above there, I think you’ve got plenty of buyers coming in to take advantage of this.

The $2,400 level above is a major resistance barrier and I think essentially a target at this point. Keep in mind that there are a lot of different reasons for gold to do quite well, not the least of which would obviously be the geopolitical situation. The geopolitical situation is an absolute mess, and I think that continues to be a reason to hold gold. Not only that, but you also have several central banks around the world hoarding gold. So there is a little bit of a bias to the upside anyway.

Short-term pullbacks continue to offer buying opportunities. And even if we were to break down below support, we could go down to the $2,150 level, basically where the 200-day EMA is sitting. We have been grinding sideways for a while, but I think we’re probably going to continue to see more of the same going forward.

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