Gold Price Outlook – Gold Continues to Be Bullish Despite Overextension

Gold Markets Technical Analysis

The Gold market has initially rallied a bit during the trading session here on Wednesday but did give back a little bit of the gains as we see a lot of questions asked about what’s going to happen with these tariffs. To start with we’re in a major uptrend so none of this should be a surprise anyway, but having said that, traders also have to keep in mind that the Gold market is also moving on a global slowdown, or at least fears of it, central banks around the world cutting rates and of course concerns about the tariff wars increasing.

With all of the geopolitical concerns out there, it should not be a huge surprise to see the gold has in fact found itself to be very strong, but we are a little extended at this point and I think all things being equal, we would probably be looking for some type of pullback and perhaps value down near the $3,000 level.

That being said, there is a certain amount of concern out there because who knows what Trump will announce. So, I think today is going to be very noisy. I would love to see a pullback that I can take advantage of for value and just play it as such. Ultimately, this is a market that I think, given enough time, will go to the $3300 level based on the measured move of the bullish flag. I’m just looking for a better entry at this point if I’m not already long of gold.

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