Gold Price Outlook – Gold Continues to Look Strong

Gold Markets Technical Analysis

The gold market has rallied again during the trading session on Friday as we find ourselves well above the $3075 level at the time of recording. Short-term pullbacks are likely and short-term pullbacks are almost certainly going to be bought into based on the idea of value. The $3,000 level now is the floor for me and it’s probably worth remembering that the market had recently formed a bullish flag that we are now breaking well beyond, and we have to look for the so-called measured move of gold going to the $3,300 level. There’s literally nothing on this chart that suggests that it cannot happen. So, we need to keep that in the back of our mind.

Gold is getting a boost from central banks around the world, becoming a little softer with their monetary policy. But of course, there is a lot of uncertainty out there and that should continue to help gold as well. I have no interest whatsoever in trying to short this market and therefore every time it pulls back, I’m thinking along the lines of whether or not it is going to offer value that I want to pick up.

After all, gold has been one of the better performers for a while now, and I just don’t think that’s going to change anytime soon. So, with that, I’m bullish of gold, have been for a while, and probably will remain for quite some time from here.

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