Gold Price Outlook – Gold Continues to See Support Despite Pullback on Thursday

Gold Markets Technical Analysis

Gold markets continue to look a bit bullish as we are pulling back slightly during the early hours on Thursday, but really nothing of consequence when it comes to resistance, but it also was a bit of a target with a bullish flag that had formed previously. Furthermore, I think that there are plenty of reasons for gold to continue going higher, and that has not changed.

However, keep in mind that Friday will be the non-farm payroll announcement, so we could get a lot of volatility. Quite frankly, I would love to see gold drop on Friday so I can buy it again at a lower price in this asset. After all, we have had a major move higher, as the market continues to look at so many various issues.

The $2,700 level underneath is a significant support level. And then after that, you have the 50 day EMA, which is right around the $2,630 level. There’s nothing on this chart that even remotely suggests you should consider shorting gold. And quite frankly, at this point in time, I think we not only reached the $2,800 level, but I think we reached 3,000. The geopolitics around the world continues to be a major driver, but also, we have central banks around the world buying gold while they’re cutting rates, so it all lines up for potentially higher prices in gold.

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