Gold Price Forecast – Gold Markets Continues to Rise

Gold Markets Technical Analysis

The gold markets rallied rather significantly during the course of the trading session on Tuesday in the early hours. We are well above the $2,900 level, and now it looks like we could make a run towards the highs again, right around $2,950. Breaking above there then opens up the possibility of reaching the target of $3,000, an area that I think a lot of people are aiming for anyway. And of course, an area that I think when we get there will attract a lot of headlines, probably options, trading, et cetera.

So, with all of this, I remain bullish long-term, and I look at gold as a market that when it does fall, it’s offering value. The 50-day EMA sits just above the $2,800 level and I think that is a support level as well. So, it’s really not until we break down below that region that I would be concerned about the overall uptrend.

Given enough time, I think that any short-term pullback ends up being a buying opportunity that you must take advantage of. The US dollar has been softening in the early hours of the market, that of course helped. Plus, we have a lot of concerns out there when it comes to tariffs and what that might do to the global economy. Beyond that, we have geopolitical concerns. After all, there is a land war in Europe at the moment that seems like it could get worse actually. And now we have gold as a safety asset at the moment functioning exactly how you would expect it to.

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