Gold Price Outlook – Gold Continues to Look Bullish

Gold Markets Technical Analysis

The gold market has shown itself to be very strong in the early hours on Wednesday, as we continue to see the market just drift to the upside. After all, there are a lot of political issues to take into account, either geopolitics or the US election on Tuesday. We also have the jobs number on Friday, so that of course will come into play as well. The interest rates in America have been rising and gold has been rising, but if you look around, interest rate policy has been to cut interest rates around the world, so that’s part of what’s going on here.

Keep in mind that Russia, India, Indonesia, China are all buying gold and those are just the central banks that I know of. Short-term pullbacks continue to offer buying opportunities. The 2,700 level, for me at least, underneath, I think will end up being a pretty significant floor in the market, at least in the short term. If we break down below there, then we have the 50-day EMA coming into the picture to offer support as well.

Based on the bullish flag that we had formed previously, the measured move is $2,800 and we’re almost there. I think we will go to 3,000, but it might take a little bit of time. This is a very strong uptrend and quite frankly, there are just no signs whatsoever of it slowing down anytime soon. So, I look at each and every dip as a potential buying opportunity.

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