Gold Price Outlook – Gold Continues to Look Bullish

Gold Technical Analysis

The gold market has rallied slightly during the trading session here on Tuesday in the early hours, but we’ll have to wait and see how this plays out. This looks like a market to me that is doing everything it can to build up a little bit of consolidation, maybe digesting some of those massive gains that we had previously. Regardless, it’s obvious that you cannot be a seller of gold. Most of the selling in gold at the moment is probably more along the lines of profit taking, which makes sense because we had a $250 move in just three trading sessions.

Gold, of course, has seen the 3000 level be fairly important and now we have the 50 day EMA sitting there as well. So, I think all things being equal, it’ll be an interesting setup, but I do believe that gold will continue to be one that you’re looking for dips in order to take advantage of. When you look at the bullish flag that we had been in previously, the measured move was for $3300. And at this point in time, there’s literally nothing on this chart that even remotely suggests we can’t get there.

Ultimately, I don’t even think we can reach the $3000 level to find that support, at least not unless something drastic happens out there because, quite frankly, markets have been so bullish for gold that I just don’t see how that changes. With this, the market is likely to continue to see more of that sudden pullback, a sudden rally type of situation on shorter term charts.

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