Gold Price Forecast – Gold Continues to See Strength Despite Early Monday Pullback

Gold Markets Technical Analysis

The gold market held back a bit during the early hours on Monday but does continue to see buyers in general. And I think that’s something that you need to pay attention to. This is a strong uptrend, and I do think that continues to be the case going forward, even if we did get some type of significant pullback. After all, the Federal Reserve is more likely than not to cut interest rates by 25 basis points on Wednesday. And then, the press conference afterward could give us more of a heads up as to where we might be going longer term.

As far as monetary policy is concerned, I do think that there are plenty of reasons for gold to go higher, not just the Federal Reserve. We have central banks around the world buying it, we have a lot of geopolitical concerns, and of course there’s hot wars… pretty much everywhere.

So, with all that being said, and just the simple fact that we are in a massive uptrend anyway, I think this is a market that continues to attract a lot of attention. And I believe that there is massive support underneath near the $2,530 level where we should have a lot of market memory come into the picture due to the fact that it was at one point in time, a significant resistance barrier. Either way, I have no interest whatsoever in trying to short this market. I think it’s one that will almost certainly continue to gain over the longer term.

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