Gold Price Outlook – Gold Rallies After Tough Few Days

Gold Markets Technical Analysis

The gold market rallied rather significantly during the trading session on Friday to break above the top of the potential inverted hammer from the previous session and it now looks like we could very well see this market continue to go higher. What I’m paying particular interest to is the outsized candlestick from the Wednesday session that Jerome Powell kicked off with his ridiculous press conference.

If we can break above the top of that, roughly the $2,652 level, then I think you’ve got a shot at gold recovering towards the $2,720 level. Underneath we have the $2,583 level offering support, extending probably down to the $2,550 level. I do expect to see a lot of noisy and choppy behavior as liquidity will be an issue heading into the holidays. In general, this is a market that I think continues to see a lot of questions asked of it.

But in the longer term, I fully anticipate that we are going to try to find some type of range to trade. The interest rate markets have been a bit of a mess, and if that continues to be the case, then gold will end up being a problem here. All things being equal, though, we are very much in an uptrend. So, I think we’re just going to kill some time between now and when volume picks up in 2025 after the holidays.

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