Gold Price Forecast – Gold Continues to See Support

Gold Markets Technical Analysis

The gold market rallied a bit during the trading session here on Wednesday in the early hours, but keep in mind that the Federal Reserve meets later in the day, and that obviously will have a major influence on where we go next.

Regardless, it does look like we are just simply trying to continue the overall uptrend, and I am bullish. I said a couple days ago if we can close above $2,400, I think that’s a sign that we are going much higher. This of course assumes that the Federal Reserve doesn’t completely freak the market out, but even if they did, it would probably only be a matter of time before the buyers came back.

In general, this is a situation where I think eventually, we go looking to the $2,475 level. If we can break that, then we could go looking towards the $2,500 level, which I do think we will eventually hit. I don’t really have a scenario in which I’m shorting gold at this point. I recognize that we could break back below the $2,400 level, but then at that point in time I would look to the 50-day EMA, followed by a significant uptrend line in order to find buying positions.

Gold has plenty of things working for it, not the least of which will be falling rates, central banks out there buying it hand over fist, and of course all of the geopolitical concerns that seemingly are endless at this point in time. Because of this, I remain a buyer on dips.

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