Gold Price Outlook – Gold Continues to Look Sideways

Gold Markets Technical Analysis

The gold market had initially tried to rally a bit during the early hours on Monday, but then gave back gains despite the fact that silver is rallying. So, this is not a precious metal type of situation where everything is rising. I think gold is perhaps losing a little bit of its shine due to the fact that there’s a little less safe haven buying out there. Nonetheless, this drop is not anything that changes anything at all from a longer term perspective.

This is a sideways market at the moment, trying to work on some of the previous froth. Interest rates in America have fallen during the early hours on Monday, which does help alleviate some of the pressure on gold, but at the same time, it also suggests that we don’t have as much fear and that works against gold. The situation with the Ukraine war, the conflict in the Middle East, and just overall global tensions seems to be somewhat in flux.

I think the market just isn’t paying as much attention to those things as it once did. With that being said, and the fact that higher interest rates are coming to America over the longer term, as well as growth, I think gold probably grinds back and forth for a while here. We do have support near the $2,550 level and resistance near the $2,725 level. We’re basically right in the middle.

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