Gold Price Forecast – Gold Continues to See Noisy Trading

Gold Markets Technical Analysis

The gold market has crumbled a bit during the early hours on Friday after initially trying to rally, but really at this point in time, it’s very possible we may get a similar move to what we had seen during the Thursday session as gold has been very bullish for a multitude of reasons. And the selloffs typically get bought back due to concerns about the global economy, the tariff wars, etcetera.

So, if central banks are in fact going to start cutting as well to help defend against these global tariff wars, then we have a situation where gold will probably do fairly well. With this being said, I think you have a situation where traders continue to look at gold as a safe haven.

And I do think that you have to believe that gold is going to have a massive floor near the $3,000 level, the $3,000 level, of course, is an area that’s a large round psychologically significant figure and an area that a lot of traders will be looking at for potential entries. Previously, we had formed a bullish flag, the measured move reaches to the $3,300 level. And that is an area that I think we’ll be gunning for. That doesn’t mean we get there overnight. It doesn’t necessarily mean that it’s going to be easy to get there.

But I do think that it is probably only a matter of time before we make that serious attempt to break out to the upside. Even when we do, then I think we will see a pretty significant barrier. Breaking that barrier opens up the possibility of a move to the $3,500 level.

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