Gold Price Outlook – Gold Continues to Go Sideways

Gold Markets Technical Analysis

Gold did very little in the early hours on Thursday as we continued to hang around the 50 day EMA. Ultimately, the gold market is a market that is going to be waiting for the non-farm payrolls announcement on Friday, and I think that’s a big part of what’s holding a lot of markets back from making any movement. Short term pullback should continue to see plenty of support, especially near the $2,500 level. But you could bank an uptrend line between here and there that the market will probably respect as well. After all, this is one that has been in effect for some time now, so it is well known.

To the upside, we have the $2,725 level as a short term barrier, and then after that, the $2,800 level. Keep in mind that gold has a lot of things going for it at the moment, not the least of which would be the geopolitical concerns around the world. After all, the hot war in Ukraine is getting worse, not better. And of course, the Middle East is still very unstable.

Beyond that, you also have profligate spending by multiple nations around the world. So that does tend to make gold a little bit more attractive as well, and of course, we have central banks buying it. So, it all lines up for a continuation of the uptrend. But we probably need to get those jobs numbers out of the way in America before traders really get involved.

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