Gold Price Forecast – Gold Continues to See Support on Holiday

Gold Markets Technical Analysis

The gold market has gone back and forth during the early hours on Wednesday in what is holiday trading in the futures market. It’s Juneteenth and Juneteenth of course is a relatively new holiday, so a lot of overseas traders do tend to forget about it. But at this point in time, it certainly looks like we are doing everything we can to find a little bit of support. I do like the idea of buying short-term pullbacks, especially near the 50-day EMA and the $2,300 level.

The $2,300 level is an area that we have seen a lot of interest in multiple times, and I see it as the bottom of a larger consolidation area. If we were to take down below the $2,280 level, then it’s likely that we could drop down to the $2,200 level, possibly even $2,150 where the 200-day EMA currently resides.

If we break above the $2,350 level, then it’s likely that we will test the top of the overall consolidation range, which is closer to the $2,400 level. Keep in mind that gold has a whole litany of reasons to go higher, not the least of which of course are going to be geopolitical, as the whole world seems to be on fire in various areas.

With this, I think gold is already in demand. And then of course you have the central banks around the world buying physical gold. The market is currently in the midst of perhaps working off some of that froth that we saw back in February and March. And now the question is, can we pick up enough momentum and continue going higher?

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