Gold Price Outlook – Gold Continues to See Noise

Gold Technical Analysis

The gold market has gapped a little bit higher during the trading session here on Monday to kick off the week as more tariff fun is out there to be had. With that being the case, the gold market has gotten a little bit of a boost, but it’s probably worth noting that it hasn’t exactly taken off. It’s just kind of hanging around the $3,380 level. If we can break above the $3,400 level, then I think we could go back to the $3,500 level. But ultimately, this is a market that I think will remain very noisy in general.

I think if we do pull back from here, there will be plenty of buyers, especially near the 50-day EMA, near the $3,312 level, which is starting to rise again. It has more or less acted as a trend line. With that being the case, I like the idea of letting gold come back to me on short-term charts and then taking advantage of any value that’s offered.

If we were to break down below the 50-day EMA, then it’s very possible that gold may drop to the $3,200 level, where I actually expect even more support. So, with all of that being said, and the fact that the US and the EU are about to start trading more tariff threats, I think gold goes higher. Furthermore, global conflicts have not ended. And with that being the case, there’s still plenty of geopolitical risk out there as well. We have gone sideways for a couple of months now, but when you look at the totality of the move, it’s just simple consolidation, perhaps working off some of the excess froth from the move higher.

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