Gold Price Outlook – Gold Continues to See a Grind Higher

Gold Technical Analysis

Gold markets initially fell on Monday but then turned around to show signs of life. I think this is a market that just simply doesn’t want to fall. It may pull back from time to time, but that ends up being a buying opportunity from everything that I see. And ultimately, this is a market that given enough time, I do think, reaches the all-time highs again near $3,500. Short-term pullbacks, I think, are nice buying opportunities. The 50-day EMA is closer to the 3,250 level, just kind of grinding higher, as we have been for some time now.

The $3,200 level is massive support as well. So, with that being said, I think there’s just no way you get short of gold at the moment. The US dollar has softened a bit, but there’s a lot of other reasons for gold to rally. Quite frankly, central banks around the world are hoarding it, and we have various central banks around the world cutting interest rates. I don’t have a whole lot of interest in trying to pile in with a huge position, but I do think that short-term pullbacks are potential opportunities that you just simply must be taking advantage of.

Gold has been rallying for the better part of three years now, and there’s just nothing on this chart that tells me anything different. I like gold, I own gold, I will continue to own gold, and I will add as we drop and then bounce again forming a short-term V pattern.

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