Gold Price Forecast – Gold Continues to Look Bullish After Weak Jobs Numbers

Gold Markets Technical Analysis

The gold market initially pulled back just a bit during the trading session on Friday, but then turned around to show signs of life again. By doing so, the market looks as if it is trying to break out to the upside and clear the $2,475 level, and eventually go looking to the $2,500 level in the spot market.

The futures market has already taken the $2,500 level, so I suspect it’s probably only a matter of time before it pulls this market back to the upside. That being said, I think you’ve got a scenario where market participants will continue to look at each and every dip as a potential opportunity and therefore, I have no interest in shorting the gold market.

The $2,400 level underneath should continue to be a massive support level. And that’s assuming that we can even get to that area because it has been so bullish. Short-term pullbacks are buying opportunities and therefore, that’s the main takeaway of any analysis that I see.

If we can break above the $2,500 level on the spot market, then it’s likely that we will see a much bigger move to the upside over the longer term. In general, this is a scenario where market participants continue to look to gold due to geopolitical concerns. And of course, the fact that interest rates are falling as people are starting to price in the idea that the Federal Reserve will be cutting.

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