Gold Price Forecast – Gold Continues to See Upward Pressure Overall

Gold Markets Technical Analysis

You can see that we rallied a little bit during the early hours on Monday, as traders continue to consolidate in the same region. We are sitting right around 2175, which is an area that a lot of people are paying close attention to as we just simply work off a lot of froth from the previous shot higher.

All things being equal, this is a market that I think continues to go higher and allow the market to challenge this shooting star from last week on Thursday. That being said, I do think that this is going to continue to be a significant amount of noise in this market right around the $2,145 level, where we have significant support. So, breaking that would probably have me step away from the market and see if we can drop down towards the 50 day EMA, where I would be very interested in buying.

Pay attention to the interest rate market that will have a lot to do with where we go. If US interest rates continue to drop, that will send gold higher. On the other hand, if they start to rise, that works against gold. Ultimately, this is also a function of the geopolitical concerns that we have around the world right now. And the fact that central banks around the world are massive buyers of gold certainly gives it a little bit of a lift as well. In general, I remain a buy on the dip trader, looking for a bigger breakout eventually.

I don’t know how long it’s going to take, but I do know I want to be involved. In general, this is a situation where the market is just simply doing everything it can to push to the upside, but we may need to bring in a few more traders.

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