Gold Price Forecast – Gold Continues to See Noisy Trading

Gold Markets Technical Analysis

The gold market has shown itself to be initially bullish during the trading session on Friday, but gave back gains as the US dollar, of course, is likely to continue to see strength and of course, we have to ask questions as to whether or not we are risk on or risk off. I think at the moment, for the very short timeframe, we are risk on. Whether or not that continues to remain to be seen and I do still like gold from a longer term standpoint. But to me, it is worth noting that in the $2,715 region, we have just formed a little bit of a double top.

That doesn’t mean that we fall apart. I think we’re just looking for signs of a bounce in order to get involved. The 50 day EMA sits just below. So that obviously captures a lot of attention and then right around the $2,625 level, there is a significant amount of support as well. So, I think while we are dropping, it’s possible that we’re just going to pull back and bounce yet again.

I’ve got no interest in shorting gold anytime soon. Quite frankly, I think there are enough geopolitical reasons alone to hold at least some and I think that will be the way to go forward. All things being equal, I think we’re just trying to get our footing before we make the next move, which should be to the upside. But if it’s not, then we will just simply adjust. As things stand right now, though, this just looks like a pullback and an uptrend.

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