Gold Price Forecast – Gold Continues to See Support and Momentum

Gold Markets Technical Analysis

The gold market has rallied significantly during the trading session on Wednesday, as we continue to see a lot of noisy behavior overall. That being said, this is a market that I think continues to be very volatile. But I think also you are looking at a situation where we are very much in an uptrend, and it looks like central banks around the world are going to accelerate their cutting. If that’s going to be the case, then I think gold probably reaches the highs again at the $2,475 region.

After that, we could go looking to the $2,500 level, so pay close attention to that as well. Short term pullbacks continue to be buying opportunities from everything I see here and I believe that the $2,400 level continues to be an area where a lot of traders pay close attention to for the idea of potential support. There is a lot of fear out there and there are a lot of geopolitical concerns, plus, there are central banks out there buying gold: Russia, Turkey, China, places like that.

So, all things being put together, I think this leads to a much higher level in the gold market before it’s all said and done. We’ve had a nice pullback. We now have started to bounce. I think we will get a bit of follow through over the next several sessions as the market is still very much in a massive uptrend.

For a look at all of today’s economic events, check out our economic calendar.