Gold Price Forecast – Gold Markets Look a Bit Sluggish

Gold Markets Technical Analysis

You can see that we have a situation where gold, I think, is finally starting to show signs of hesitation. And with that being the case, you probably have a scenario where gold is going to continue to attract inflows, but we do need a little bit of value. I mean, we’re at the very top of that ridiculous spike on December 4th that sent the market scrambling. I don’t know if we pull all the way back to $2075, but I would love to see it get down to that area.

My suspicion is that market participants will probably try to get it between these two levels of a 2075 and 2,175, so somewhere right in the middle I would anticipate that we’ll have a little bit of value hunting. That being said, I certainly cannot short this market. I don’t have any interest in trying to do that. I do think that we will eventually go higher, and gold is probably going to be one of the better performing assets this year due to central backs cutting rates, and of course, a whole slew of geopolitical concerns.

Central banks have been net buyers of gold, and that has not slowed down. So, they are willing to chase it all the way up here as well. So that provides a little bit of natural momentum. In general, you’re looking at pull banks as valuable opportunities that you can take advantage of. I don’t necessarily have a price prediction yet as far as a target, but obviously 2,200 would be an area that I think will be watched very closely since breaking above that could open up the door to 2500 eventually, but we’ll have to wait and see again looking for short-term pullbacks to take advantage of.

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