Gold Price Outlook – Gold Continues to Drift Higher Within Consolidation

 Gold Markets Technical Analysis

Gold markets have rallied just a bit in the early hours on Thursday, but it is worth noting that it was a National Day of Mourning in the United States for former president Jimmy Carter. Because of that, futures markets did not have the same hours or the same volume that they normally do. That’s not to say that the gold market rising is completely out of character. I think we’re just drifting towards the top of the range, getting ready for the non-farm payroll announcement. Speaking of which, Friday will feature the jobs number, and a lot of people will try to read through the number as to what the Federal Reserve may or may not be able to do.

Inflation is still a major concern in the United States. It’ll be interesting to see how that plays out. But as things stand right now, we are still consolidating between roughly $2,575 on the bottom and $2,720 on the top. We’re a little bit above the middle point. So, it does lean bullish, which makes sense. The longer term trend is bullish, but I’m not expecting anything big until we get clarity with the U.S. economy itself. I don’t have any interest in shorting. You could probably talk me into buying on the dips, though.

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