Gold Price Outlook – Gold Continues to See Upward Trajectory

Gold Technical Analysis

Gold markets have been a bit positive in the early part of the Wednesday session as we continue to see a lot of strength in this market. The PPI numbers in the United States came out weaker than anticipated, and that of course will continue to put a little bit more fuel to the fire here in a market that has been strong for a while anyway. Ultimately, this is a market that given enough time, I believe will continue to go higher. Based on the measured move of the ascending triangle, it is expected from a measure move technical analysis standpoint that we could reach as high as $3,800. There’s literally nothing on this chart that suggests to me that we cannot do that.

Ultimately, I think this is a market that will not only reach a reset level, but probably higher than that. With this being the case, I think you have to look at this as a buy on the dip scenario. I think you also have to pay close attention to the $3,500 level as a floor in the market. Central banks around the world continue to hoard gold, and of course, if we are going to see the Federal Reserve cut interest rates, there will be a lot of interest in owning gold in that environment as well. I have no interest in shorting, and I do believe we are going higher. With this, I remain bullish as we have seen strength over the last couple of years.