Gold Price Outlook – Gold Stretches Towards Highs Again

Gold Markets Technical Analysis

The gold market has rallied rather significantly during the trading session in the early hours of Thursday. At this point, we are threatening a breakout to break to fresh new highs. And I do think that makes quite a bit of sense. Quite frankly, there’s been nothing on the gold charts that suggested that we were going to suddenly fall apart.

We’ve gone sideways for several days and now we’ve shot higher, which makes sense considering that there was an absolutely brutal meltdown in the stock markets around the world during the previous session. And of course, everybody is worried about tariffs because that just made front and center yet again. With the Donald Trump announcement of tariffs, it does look like a tariff war is almost certainly coming. And if that’s going to be the case, people will be looking for ways to protect their wealth.

One of the first places that they do this, of course, would be the gold market. So, I think this remains very much the same analysis it has been for a while. It’s just simply a matter of buying on dips. The $3,000 level should be a significant floor. If we were to break down below there, then we may have to correct and reset a bit. But right now, I think you’ve got a situation where traders are just simply buying each and every dip and aiming for higher levels. Based upon the bullish flag that we had formed previously, gold should, at least in theory, be heading to the $3,300 level if the measured move is in fact hit.

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