Gold Price Forecast – Gold Continues to Look Bullish

Gold Markets Technical Analysis

The gold market has shown itself to be somewhat noisy during the Thursday session, but we have seen a little bit of a boost higher as the jobs report in the United States came out a little worse than anticipated. That being said, this is a market bullish anyways due to the fact that we have been in such a huge uptrend. All things being equal, this is a market that I look at through the prism of buying the dip. The market is more likely than not going to continue to see upward momentum and eventually a move to the recent highs at $2,400.

Whether or not we can break above there remains to be seen, but it would not surprise me at all due to the fact that there are a whole plethora of reasons why we could go higher. The first thing of course, would be that central banks are more likely than not to cut interest rates going forward. But we also have geopolitical concerns that continue to have people jumping into this market.

The $2,300 level continues to be an area that people pay close attention to as it previously had been supported. The 50-day EMA is reaching the $2,300 level. And given enough time, I think that also comes into the picture to attract a certain amount of buying. You could make a little bit of an argument for a bullish flag, although it’s not the most textbook example one, but regardless, we are in an uptrend, and I don’t think that changes anytime soon.

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