Gold Price Forecast – Gold Waits For Monday

Gold Markets Technical Analysis

The gold markets had rallied rather significantly during the day on Thursday as we broke to a fresh new high. All things being equal, this is a market that is in its own world, and it is ready to truly take off. I think at this point in time, it’s obvious that the trend is higher and therefore I think it is a situation where every time it pulls back, you’re looking for an opportunity to buy. You don’t short this market, there are far too many reasons out there to keep seeing gold rise.

The first one of course is geopolitics. Geopolitics suggests that we are in a world of trouble right now. We’ve got the war in the Middle East, we’ve got the war in Eastern Europe, and we’ve got plenty of saber rattling between countries right now in various spots. We also have a significant amount of volatility in financial markets. And of course, people are concerned about central banks around the world cutting rates. That has a major positive influence on gold as well. Finally, you also have central bankers out there buying gold hand over fist, which just means there’s a huge buyer.

So, it all comes together quite nicely to continue to drive gold to the upside. I’ve been saying for a while, I think we’re going to $2,500, and there’s absolutely nothing on this chart that suggests that isn’t going to happen, so I continue to buy dips, and have absolutely no interest in trying to short this market. I think at this point, we have much, much farther to go to the upside.

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