Gold Price Forecast – Gold Markets Continue to Show Support

Gold Markets Technical Analysis

The gold market rallied rather significantly during the trading session on Thursday to break above the $2400 level. This is a good turn of events, and it seems like the market is doing everything it can to continue rallying, even breaking above the highs of the previous session. Short-term pullbacks I do think end up being nice buying opportunities because quite frankly this is a market that’s been in an uptrend for ages.

We have bounced from the 50-day EMA yet again in the early hours of Thursday and now I think it becomes a bit of a grind, albeit a slow and choppy one towards the highs again, nearly $2,480 level. If we break that, then the $2,500 level would obviously be an area where people would pay close attention, as it is a large round psychologically significant figure. A pullback from here is certainly possible and could test the 50-day EMA yet again, but underneath there, we also have the uptrend line that I think you need to pay close attention to as well.

With that being the case, if we were to break down below there, then it opens up a move down to the $2,300 level. This is a market that I think continues to be one that’s bought into due to the fact that a lot of people are quite frankly concerned. There is plenty of geopolitical concern out there to drive the market higher anyway. And then, of course, interest rates are falling everywhere, which generally does help the gold market.

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