Gold Price Outlook – Gold Continues to Go Sideways

Gold Markets Technical Analysis

The gold market has rallied a bit to test the 50 day EMA. It of course has been a fulcrum for price for a while. The $2,600 level seems to be offering significant support and that is something that’s worth paying close attention to, but you should also keep in mind that market participants are going to be watching the 10-year yield in America. If it starts to climb, that will work against precious metals in general, probably more silver than gold, but it does have an effect on gold.

I think one of the biggest problems that gold bulls will have at the moment is simply that there won’t be that many people in the market. This looks a lot to me like a market that wants to go back and forth for the time being and try to sort out where it goes next. If the market were to break down below the $2,580 level, then I think $2,550 would be targeted and eventually the $2,500 level, which is backed up by the 200 day EMA.

And I think where the rubber meets the road, as far as the trend is concerned, I don’t like gold. I don’t dislike it. I’m pretty neutral on it. And quite frankly, it looks like the market is as well. It’ll be interesting to see how this plays out because the lack of liquidity will make it not as interesting. But once we get back to work next week, we could start to see a little bit more of an interesting move. As things stand right now though, I think we’re just stuck in this pattern.

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