Gold Price Forecast – Gold Continues to See Buying

Gold Markets Technical Analysis

Gold markets have rallied a bit during the early hours on Tuesday and now are threatening to break out yet again to new highs. All things being equal, there’s nothing on this chart that even remotely suggests that you should be short of this market. And quite frankly, I think it’s probably only a matter of time before we go much, much higher. In fact, I think we are starting to see the first steps of an attempt to make it to the $3,000 level. I believe that short-term pullbacks will continue to look at the $2,800 level as support, as we had seen during the trading session on Monday.

I do believe that there will be occasional pullback, and you must look at those as potential opportunities to start buying yet again. After all, gold is in a massive uptrend and that’s been undeniable for a couple of years now, so there’s no real reason to think it’s going to change anytime soon. Political instability, worry about trade wars, and general uncertainty overall will continue to push gold higher over the longer term.

Despite the fact that interest rates are higher than usual in the United States, that doesn’t matter. This is not so much about the US dollar correlation as it is the fact that gold is used as safety. I am very bullish on this market going forward.

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