Gold Price Forecast – Gold Continues to See Support Underneath Current Levels

Gold Markets Technical Analysis

The gold market has gone back and forward during the course of the early hours on Monday, as we continue to hang out and look for a certain amount of momentum to finally go higher. I think in the meantime, you’re looking for short-term pullbacks as potential buying opportunities in a market that has obviously been bullish for some time. However, there is a lack of liquidity really at this point in a lot of contracts, mainly due to the fact that it’s the dead of summer and furthermore, a lot of people have no idea what to do. So I think you’re going to see more of a malaise, but it does look well supported near the $2,300 level that hangs down to the $2,280 level.

In general, this is a situation where I think there will be plenty of buyers in that region. If we do break down below $2,280, then we could drop towards the $2,150 level, but right now I just don’t see that happening. Buyers probably jump in and try to push this thing closer to the $2,360 level, maybe even $2,400, but it might take some time. Keep in mind this is a typically quiet time of year and that’s pretty much what you’re seeing play out on the charts. This is a market that has been bullish until recently, but at this point in time, it is also worth noting that the summer is typically somewhat quiet, and therefore it is normal for it to do little in this environment.

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