Gold (XAUUSD) Price Outlook – Gold Continues to See Noisy Trading

Gold Technical Analysis

The gold market has initially shot higher during the trading session, but we are giving back some of those gains as we head into open pit trading in the U.S. All things being equal though, I do think this is a market that continues to go higher and you need to be looking at it through that prism. If we can stay above the $3,300 level, I think that would be a huge win for gold bulls and it could send this market looking towards the $3,400 level, possibly even as high as $3,500 over the longer term.

We have been in a massive uptrend for quite some time and as the world continues to worry about trade deals and of course the fact that the US dollar has been a little softer as of late, both could drive gold higher. At this juncture, I am bullish of gold. I recognize it could be very noisy, but I also understand that it looks like the $3,200 level continues to be a major floor. The 50 day EMA sits right there as well, so as long as we can stay above all of that, I do think technically speaking, we are still very bullish despite the fact that recently we have seen a lot of noise.

Quite frankly, when you look at the longer term chart, it’s not really outrageous to assume that we may spend some time grinding back and forth between $3,200 and $3,500. After all, Gold has been one of the better performers for the last couple of years.

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