Gold Price Outlook – Gold Continues to See Buyers

Gold Markets Technical Analysis

The gold market has broken higher during the early hours on Monday, continuing to show strong upward movement. In fact, we are now above the $2,900 level as I recorded this video, and it seems like only a matter of time before we move even higher. Short-term pullbacks will likely continue to be seen as buying opportunities. Ultimately, I still see this market reaching $3000 before it is all said and done, although it could be a grind. The $2,800 level now appears to act as a floor in the market, given that it had previously been a significant resistance level, and technical traders will be watching that area very closely.

There should be a certain amount of market memory based on this. If you recall, I previously suggested that we might be forming a massive W pattern—this has now been confirmed. The key question now is how much further gold can rise. I believe the market is on its way to the $3,000 level, though it may not get there overnight. In the meantime, I suspect that every pullback will be met with buying interest, at least until we reach that major psychological level.

Once we get closer to $3,000, we may see some resistance, but we will analyze that situation when the time comes. For now, any sell-off should be seen as a buying opportunity for those looking to get involved in this market. However, one should be very careful about chasing this trade, as there will obviously be dips along the way. Patience will be key going forward here, as well as money management and position sizing.

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