Gold Price Forecast – Gold Continues to See Buyers on Dips

Gold Markets Technical Analysis

The gold market has rallied a little bit during the early hours on Monday, but as you can see, it is a little bit noisy in this area, and that does make a certain amount of sense, considering that the market got to these areas rather quickly. That being said, the longer-term analysis for me is focused on the bullish flag that we had broken out of. That measured move suggests that gold could go as high as $3,300, and quite frankly, with a lot of the fundamentals out there still lining up for a strong gold market.

I don’t see any reason why we don’t get there. Now, this doesn’t mean that it gets there overnight. It just means that the markets are likely to continue to be more or less a buy on the dip situation where traders are looking to pick up cheap ounces of gold if and when they can. The $3,000 level of the course continues to be important from a psychological standpoint as it did offer pretty significant support during the session on Friday.

Now that we have bounced from there, that gives us a little bit more stable footing. So now I think you’re looking for short term dips in order to get involved in the gold market to take advantage of value. This doesn’t mean that trading gold is going to be easy, but it certainly means that it’s a one way trade. I have no interest in shorting this market, at least not until we break down below $2,800 at the very minimum, which is about $225 from where we are now. So, with all of that being said, I do think gold continues to do quite well.

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