Gold Price Outlook – Gold Continues to Look Bullish

Gold Technical Analysis

Gold markets have gotten a little bit positive during the early hours here on Friday, as we are starting to see a little bit of sideways action. But with more of a positive trend here, the market has been explosively bullish for some time, and it does make a certain amount of sense that we should eventually go higher. The question is, do we need to pull back first in order to make that happen? A pullback from here could open up the possibility of testing the $3,600 level, and then after that, the $3,500 level ends up being a massive support level as well.

With all of that being said, I think this is a market that given enough time probably goes much higher. And based on the measured move of the ascending triangle, we could get to the $3,800 level. There’s literally nothing on this chart right now that makes me think we won’t get there. With that being the case, any dip that you see probably ends up being a buying opportunity in this type of environment.

With that being the case, I am looking for gold to make much higher moves, but right now, we have to be somewhat cautious. It looks like maybe we’re just trying to settle into a trend of sideways action, maybe absorbing some pressures ahead of the Federal Reserve meeting on Thursday. Even if that’s not the case, then if we do go higher, I still think we get to the 3800 level. I really just don’t see how it doesn’t happen eventually.

For a look at all of today’s economic events, check out our economic calendar.