Gold Price Forecast – Gold Markets Continues to Show Noise

Gold Markets Technical Analysis

The gold market fell a bit during the trading session on Thursday, as it looks like we are testing the $2,300 level again, and of course we are trading right around the 50 day EMA. In general, this is a market that I think will continue to see a lot of noisy behavior and that does make a certain amount of sense considering that the markets have a lot to try to digest in the form of geopolitical events, the interest rate situation, and of course, just profligate spending by the central banks around the world, the treasury departments, US Treasury specifically. So, with that being said, I do think that eventually we will have buyers coming back into the market and taking advantage of cheap gold as it were.

This is an area that I would expect to be supported, perhaps down to the $2,280 level. If we break down below there, then we probably go looking for a buying opportunity between the $2,200 level and the $2,150 level. In general, that’s an area that I think defines the trend, especially considering that the 200-day EMA sits there as well. If we can break above the shooting star from the Wednesday session, then I think we go looking to the $2,400 level. This is an area that I think will continue to be resistant, but if we can clear that level, we are likely to go much higher at this point.

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