Gold Price Forecast – Gold Markets Continue to See Buyers

Gold Markets Technical Analysis

The gold market has been pretty noisy during the early hours on Tuesday as we continue to see a lot of the market jump in and pick up gold anytime it dips. We’ve seen a couple of strong days in a row and now we are looking at the $2,480 level, which is an area that offered resistance previously. If we can break above there, then we could go looking to the $2,500 level, which of course is a large round psychologically significant figure. Breaking above that level don’t bring in more money. It’s the next leg higher from what I can see.

Between now and then short-term pullbacks do make a certain amount of value. And I think at this point in time, the 50-day EMA is sitting underneath the $2,400 level. And at this point in time, I think that is your short-term floor. We have been grinding away to the upside. And with the geopolitical concerns around the world, that’s reason enough to send the gold market higher.

However, we also have signs that the economy is cooling in the United States and therefore the Federal Reserve might have to cut rates that will directly influence gold to the upside. I have no interest in shorting gold regardless of what happens unless of course, something completely changes, but right now it looks like every dip is a buying opportunity and I do think eventually we get to that $2500 level and beyond.

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