Gold Price Forecast – Gold Continues to See Support After Selloff

Gold Markets Technical Analysis

Gold markets have challenged the $2,600 level, an area that of course is a large round psychologically significant figure, but it’s also an area that’s been important a couple of times in the past. With this being said, I think we’ve got a situation where buyers will continue to look at gold on dips as offering value. And of course, gold has probably sold off a bit over the last week or so due to the geopolitical problems starting to perhaps slow down just a bit. With this being said, I think at this juncture, the market is going to continue to see a lot of value hunting and perhaps FOMO.

FOMO in the gold market can be very brutal, but we’ll have to wait and see how this plays out. Regardless, I have no interest whatsoever in shorting this market. Quite frankly, there are far too many reasons for gold to go higher. Not the least of which is that central banks will continue to lose some monetary policy. And of course, speaking of central banks, several central banks around the world are large buyers of gold. So, with that being the case, I think you have to look at this from the prism of a market that is going to continue to offer opportunities every time it pulls back until the fundamentals change. And right now, the fundamentals are nowhere near changing the overall actions in this market anytime soon.

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