Gold Price Forecast – Gold Continues to See Upward Pressures

Gold Markets Technical Analysis

Gold rallied a bit during the early hours on Tuesday as we continue to see a little bit of push pull in this market. And I do think at this juncture, we’re trying to form some type of bullish flag, so it’ll be interesting to see if that continues. Underneath, at this point, there are no real signs of this flag breaking, so I assume it is valid at this point.

The $2,300 level should be significant support, especially now that the 50-day EMA is coming into the picture. If we break above the highs of last Friday, then I think we threaten the $2,400 level, and perhaps even go much higher. I do think that will happen eventually. I just don’t know how long it’s going to take. We are in the process of doing a significant amount of consolidation.

But at this point, it looks to me as if it’s just simply working off some of that excess. The banks around the world continue to buy gold while they also print currency, so that should send this market higher by itself. But beyond that, we also have to worry about geopolitical concerns, which of course are going to be a major influence as well.

I like buying dips, I have no interest in shorting gold, and even if we were to break through the 50 day EMA, I would reset, as it were, and look to buy at the $2,200 level, where we should see plenty of support. Long term, I believe that we reach the $2,500 level, and possibly beyond.

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