Gold Price Forecast – Gold Continues to See Interest

Gold Markets Technical Analysis

The gold market has rallied pretty significantly during the early hours on Monday, and as you can see, the market is continuing its move from the hammer that got put together on Friday. We are in a longer term uptrend, and this is the most important thing to consider at the moment.

So, this is pretty much what you would have expected sooner or later. And therefore, I think you have to look at this through the prism of whether or not we can stay above the 50-day EMA. The 50-day EMA for me will give us a floor in the market, especially as it’s currently at the $2,800 level, which is a large round psychologically significant figure, and an area where we recently had seen a resistance barrier from a swing high.

The $3,000 level is the goal, but at this juncture, it looks like we’ve got a fight on our hands. So do expect a bit of choppy behavior. However, with threats of tariffs and geopolitical issues out there, I think you have to still assume that gold is going to be bought into. After all, we’re in an uptrend and it’s not like the world got any safer or happier. So, I’m waiting to see whether or not we just consolidate in this area, or if we get a leg up. But the one thing I’m not looking to do is short the gold market. After all, the massive trend hasn’t changed, and therefore we have to be aware of momentum working for the buyers overall.

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