Gold Price Outlook – Gold Continues to See Buyers

Gold Technical Analysis

The gold market has pulled back just a touch during the early hours here on Friday to show signs of hesitation, but we now find ourselves positive. For those of you who are trading futures or a CFD market based on futures, you may have noticed a little bit of strangeness today. And that was because the CME had a problem with its data center.

Therefore, the markets were actually offline for a while. Nonetheless, this is a fairly light day in general because the Americans typically don’t go back to work the day after Thanksgiving. Technically, the markets are open, but most people just take the four-day weekend. So I would keep that in the back of your mind.

Testing Acceptance Above $4,000

Either way, this is a market that looks like it is positive. It looks like it’s going to try to break out to the upside, and a move above the $4,250 level could open up a move to the $4,400 level in gold. Short-term pullbacks, I still think, are buying opportunities with a hard floor at the $4,000 level. Right now, we are in the phase where we are trying to find out whether or not the market actually accepts $4,000 or more worth of pricing when it comes to an ounce of gold.

So far, it looks like that may very well be the case. But again, as I said, this is a market that I think probably will do better if we spend a little bit of time going sideways and just simply getting used to these elevated levels. I have no interest in shorting. And I do think that eventually we may start to break to the upside.

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