Gold Price Outlook – Gold Continues to See Noise

Gold Markets Technical Analysis

The gold market has rallied a little bit during the early hours on Monday as we continue to see back and forth behavior near the $2,900 level. The question now becomes whether or not the market can continue the overall uptrend, something that I do think eventually happens, but the question now is whether or not it’s sooner rather than later. I believe that we will continue to see a lot of questions being asked, but also that we could see a lot of volatility.

The market had reached as high as $2,940, or that area at least, and I think you’ve got a situation where people breaking above that level in this market could see gold going all the way to the $3,000 level. A short term pullback certainly could open up the possibility of value hunting, and that’s what I’m hoping to see. But really, at this point, I think you would have to look at that through the prism of a buy on the dip kind of value proposition opportunity

The market is going to continue to be very noisy, but with all of the uncertainty around the world and of course, the potential tariff wars going on, that drives up the value of gold as people are looking to protect their wealth. Ultimately, I have no interest in shorting this market and I do look at the $2,800 level as a floor in the market and 3,000 as your target.

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