Gold Price Outlook – Gold Continues to See Buyers

Gold Technical Analysis

The gold market has rallied a bit during the trading session on Thursday in the early hours as we continue to see a lot of concerns around the overall global economy and of course, the tariff wars, so with that being the case, I am not surprised at all to see a little bit of a pushback. I do think that a little bit of sideways action probably goes a long way here because quite frankly, we headshot straight up in the air and it does make a certain amount of sense that we would have to digest these gains.

Even if we do fall from here, the $3200 level for me at least is a major floor in the market. And I would be very interested in buying gold in that area if we see some type of reaction. On the upside, the 3400 level is the short term resistance and then of course, we have the 3500 level, which had been so important from a psychological standpoint that we turned around and fell from there.

I think at this point in time, we will probably trade in this $300 range, unless of course something external happens that puts pressure on the market or gives it another leg higher. But with all of that being said, I think you’ve got a situation here where a little bit of sideways action is probably necessary for everybody to take a breather in a market that has just been relentless to the upside over the longer term. So, I am positive about gold. I just think that maybe a little bit of settling down is probably more likely than not.

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