Gold Price Forecast – Gold Continues to Shine

Gold Markets Technical Analysis

The gold market rallied a bit during the trading session on Friday in the early hours and now it looks like we are doing everything we can to perhaps try to break out above the $2,800 level. The market is likely to continue to see a lot of noisy behavior, and I think short-term pullbacks probably attract a lot of buying pressure, as the $2,700 level should now offer support. The gold market, of course, is being supported by geopolitical issues, concerns about tariffs, slowing down global growth, and quite frankly, just momentum. The trend has been strong for some time now, as you know.

When you look at the chart, you can see that we are very much in an upward trend and I don’t think that has changed any time over the last couple of months. I just think we were working off some of the excess froth. Now you can look at this as a huge, mutated W pattern, which typically means that we are going to go higher, but we have not broken to a fresh new high quite yet.

If and when we can leave the $2,800 level behind, the market is going to continue to really take off to the upside and I think you’ll be looking at 2,900, and then eventually based on the measured move all the way up to the $3,000 level, which has been my target for a while. Although it looks like we took a little bit of a detour along the way.

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