Gold Price Analysis – Gold Continues to See Dip Buying on Tuesday

Gold Technical Analysis

The Gold market has risen slightly during the early hours here on Tuesday as we continue to see a lot of noisy behavior. All things being equal short-term pullbacks I think offer buying opportunities that people will in fact take advantage of.

The $5,000 level continues to be a major floor and, of course, a large round psychologically significant figure that attracts people to jump into the market. So, with that being the case, I think this remains a buy on the dip scenario where traders are just simply trying to continue the overall uptrend.

Catalysts for the Bullish Trend

There are certainly plenty of reasons for Gold to rally, not the least of which would be the war in Iran but there are also central banks around the world that will possibly be cutting rates specifically the Federal Reserve and there are other concerns like the tariff situation which had previously sent Gold flying which still isn’t gone and of course there is a large amount of buying being done by central banks around the world.

So, with that being the case I don’t really look at Gold as something that I want to get short of. I look at Gold as every time it drops; I’m looking to see if it starts bouncing so I can buy again, as this market continues to see value hunters out there. I have no scenario at the moment that would have the idea of selling to be prudent.

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