Gold Price Forecast – Gold Continues to See Upward Pressure

Gold Markets Technical Analysis

The gold market has pulled back just a bit only to turn around and show signs of life again as we see the market continue to get a boost due to a whole plethora of reasons. One of the most obvious ones is that quite frankly, we have a lot of risk out there that is going to be difficult to prepare against other than buying gold. You have geopolitical risks that of course have caused major issues. You have interest rates dropping, which makes gold a little bit more attractive.

And then again, you have central banks around the world buying gold. So, this all ties together quite nicely for an opportunity for it to turn into a buy on the dip situation. Ultimately, I think this is a market that has plenty of support near the $2,475 level, and then again at the 50 day EMA.

I do think this ends up being a situation where you are just buying the dips, taking advantage of cheap gold, understanding that eventually we are probably going to take off to the upside. But as things stand right now, there’s a lot of choppy back and forth range bound trading. Regardless, I have no interest in shorting gold anytime soon. And I think this is a market that over the longer term will break out to the upside to clear this $2,530 level on its way to $2,600.

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