Gold Price Forecast – Gold Continues to See Downward Pressures

Gold Markets Technical Analysis

The gold market has fallen pretty significantly during the early hours on Friday as we continue to see a lot of noise in general, but I do think part of what’s going on here is actually people taking profit out of this market to cover losses in other markets. It does make a certain amount of sense if you think about it because we’ve been in such a bullish run for so long. Why wouldn’t people be taking profit when everything else seems to be falling apart?

Because of this, I would be very cautious, with some type of bounce to take advantage of. Whether or not we get that in the next 24 hours, who knows? But we are heading into the weekend, so I’m a little ambivalent about gambling money right now when quite frankly, you can just react to whatever’s going on during the Monday session.

This is a market that I think will continue to be very noisy, but I do think it ends up being positive overall. We still have tariff wars, we still have concerns about geopolitics, and everything else going on at the moment, but we had just gotten a little too far ahead of ourselves. So, I think what we have now is a situation where traders will be looking to take advantage of value in the gold market as it appears. I would pay special attention to the $2,800 level as it is not only a large round psychologically significant figure, but it also was previous resistance and features the 50-day EMA as well.

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