Gold Price Forecast – Gold Continues to See Positivity Despite Pullback

Gold Markets Technical Analysis

The gold market has gone back and forth during the course of the early hours on Tuesday as we continue to hang around the $2,650 level. This is a market that recently has been consolidating enough to form a bit of a bullish flag, and I think at this point, short-term pullbacks are buying opportunities, just waiting to come into the picture as traders will look for value.

The $2,600 level underneath, of course, is a major round figure that a lot of people will be looking at, as it is an area that’s already proved itself as somewhat important. And now we have the 50-day EMA racing toward it. All things being equal, this is a market that continues to move on the same issues, including the U.S. dollar, the Federal Reserve and its monetary policy, as well as other central banks, and then of course the geopolitics of the world, which are horrible at the moment.

So, all of this leads to people looking to save their wealth a bit by purchasing gold. Gold, of course, is not an all in type of trade, but it is a trade that a lot of people will have as part of their portfolio. On dips, I suspect that you will have plenty of buyers. And I do think that gold will eventually go looking to the $3,000 level. And at this point, quite frankly, all we would need is some type of geopolitical headache to pop up to make gold do that. Even if we were to break down below the $2,600 level, I have no interest whatsoever in shorting gold. It is far too strong, and I think that would only bring in more value hunting.

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