Gold Price Outlook – Gold Continues to Climb

Gold Markets Technical Analysis

The gold market has shown itself to be strong yet again as we continue to reach towards the all-time highs. As we are breaking out of a bullish flag, it is in theory going to kick off a so-called measured move all the way to the $3,300 level. That being said, I would fully anticipate that the 3,000 level above will be a bit of a barrier that’s going to be difficult to overcome just through psychology and of course options trading. Short-term pullback should see plenty of support near the $2,900 level. And that of course is something that I would watch very closely.

Specially as the 50-day EMA is starting to race towards there as well. Nonetheless, I think you’ve got a situation with gold as a safety trade. I think you also have to keep in mind that there are a lot of concerns about the Ukraine war if it is going to continue. And then after that, of course, you have the US dollar struggling as of late.

Debt issues around the world continue to be a massive problem. So really, I can’t make an argument from a fundamental standpoint against gold at the moment. So, the question now more or less is going to be, can we clear the $2,950 level? If and when we do, this is a market that’s poised to go much higher. And quite frankly, if you don’t have at least some of your portfolio, you are certainly cheating yourself.

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