Gold Price Outlook – Gold Continues to See Consolidation

Gold Markets Technical Analysis

The gold market rallied a bit during the early hours on Thursday as we continue to see some interest in the gold market, but we have a lot of headwinds at the moment, not the least of which of course is going to be the fact that interest rates in America continue to climb. As long as that’s the case, it does work against gold, although you can make an argument maybe for geopolitical issues, perhaps driving up the price eventually. As for myself, I’m looking at this more or less as a market that’s probably trying to find its range through the illiquid season.

There is a trend line on the chart that I’ve been following, but it would not surprise me at all to see gold just simply drift through it as we just don’t have any real reason to get overly excited right now. If we do break down, the $2,500 level would be a significant support level with the 200-day EMA backing it up. If we break higher, then the 2,700 level is an area where we’ve seen a double top, and I think that offers resistance.

I don’t even think we will get to either one of those in the short term. I think we will just go back and forth, perhaps trying to sort out what to do with gold early next year. Between now and the beginning of 2025, I think you probably have a whole lot of nothingness. I don’t want to short gold though. Let me make that clear. I just realized there’s not a lot out there to push it higher.

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