Gold Price Outlook – Gold Plunges But Finds Buyers

Gold Markets Technical Analysis

Gold markets initially plunged at the open on Monday again as traders are trying to do everything they can to raise cash for margin calls. That being said, it does look like the $3,000 level offered enough support to get people interested in this market yet again. Ultimately, I think you have a situation where traders will watch this area very closely. And from a technical analysis standpoint, it does make a lot of sense that we would find buyers on dips.

All things being equal, I do believe that gold continues its longer term uptrend, but I also recognize that currently, traders continue to sell anything they have gains in, in order to cover their losses elsewhere. This is common during financial crises, and something that I have seen multiple times in the past.

That being said, there are still a lot of concerns when it comes to the overall global economy and tariffs. And that of course has a major influence on people running for shelter. Gold of course is considered to be a safety asset and given enough time we will return to that situation.

Because of this, I believe that the market has shown itself to offer value for traders who are willing to step in and pick up cheap ounces of gold going forward. I do believe that the bullish flag measured move of $3,300 is still very possible and I believe likely.

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