Gold Price Analysis – Gold Continues to See Choppiness in Uptrend

Gold Technical Analysis

The gold market initially rallied a bit during the early part of the Thursday trading session but did give back gains pretty quickly, as it looks like we are struggling to hang on to positivity. If we do rally from here, the $5,250 level is your next resistance area, and I do think that, given enough time, I think short-term pullbacks will find buyers willing to take advantage of the overall trend. After all, we just broke out of a consolidation area a couple of days ago but it looks like we’re going to grind to the upside here as well.

A Market-Impacting Level and Broader Factors

Ultimately, the $5,000 level I think is a bit of a magnet for price and obviously will have an influence as potential support. Either way, I would anticipate some type of reaction if we drift towards that level. Underneath there, then we have the 50-day EMA at the $4,800 level and then after that, we’re talking about $4,600 level where the uptrend line is.

Ultimately, this is a market that I think continues to see a lot of choppiness but there are plenty of central banks out there willing to buy gold. I think there’s also a lot of geopolitical concerns out there and then beyond that, you also have to keep in mind that the tariff situation in and of itself has people a bit concerned. So, with that, I think there’s plenty of reason to believe that the uptrend continues. I like buying a drop and a bounce. So, I am on the right-hand side of the V when it forms.

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