Gold Price Forecast – Gold Continues to See Upward Momentum

Gold Markets Technical Analysis

The gold market initially pulled back a bit during the trading session on Tuesday, but at this point in time, it looks like we are going to turn things around and show signs of bullish pressure. If this is in fact the case, at this point in time, I think the market will continue to see a lot of interest in this situation.

At this point, the market now looks at the $2,525 level as a short-term resistance barrier, and if we can break above there, I think we can really start to take off again. Central banks around the world are buying gold, so it does have a bit of a floor regardless. And then, of course, we have the geopolitical concerns, which are obviously going nowhere. With all of that being said, this remains a buy on the dip market.

I am very bullish of gold, and I think gold probably continues to go much higher. Now that doesn’t mean that we won’t get a sharp pullback from time to time, but right now I look at the 50-day EMA currently right around the $2,425 level and the trend line that sits just below it as your floor in the market. Over the last week or so we have been grinding sideways, perhaps working off some of that froth. The direction in the gold market is bullish, and I think that should continue to be the case in this environment.

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