Gold Price Forecast – Silver Continues to See Upward Pressures

Gold Markets Technical Analysis

The gold market initially pulled back just a bit in the early hours on Tuesday, but it looks like we are going to rally again. This makes a certain amount of sense, mainly due to the fact that it is a situation that we have seen a lot of consolidation in.

And with that being the case, I think ultimately, you’ve got the $2,700 level underneath offering pretty significant support and $2,800 above offering significant resistance. The market is likely to continue to see a lot of questions asked about this area, but if we can break above the $2,800 level, then it’s likely a sign that we will more likely than I’d go looking to the $3,000 level over the longer term.

A breakdown below the $2,700 level could send this market looking for the 50 day EMA, but quite frankly, any pullback at this point in time, especially if it has anything to do with the US election, is more likely than I’m going to offer a buying opportunity because neither one of the candidates nor neither one of the parties have any interest whatsoever in slowing down spending.

So, with that being said, I look for value and I take advantage of it. Gold should continue to go higher eventually, as there are simply far too many reasons for the market to rally, be it geopolitical, interest rates, or simple fear in the markets. I have no scenario where I am a seller of gold in the near future.

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