Gold Price Outlook – Gold Markets Continue to Look for Floor Below

Gold Technical Analysis

The gold market gapped higher to kick off the trading session on Friday but then remained in a rather tight range as the market is digesting the news coming out of the non-farm payroll employment situation. So, with that being said, I am still watching the $3,200 level very closely for potential support. And if we get a bounce from there, I’m willing to buy the market on the other side of the V, the right side of the V as it were.

With that being said, I like the idea of trying to find potential value playing. Ultimately, this is a market that I think you need to pay close attention to, as the 50-day EMA sits just below there as well. And of course, as you know, gold was absolutely on fire this year, and late last year. So as long as that continues to attract inflows, it’s obviously a market that you need to watch. That being said, I also anticipate the fact that gold may have some digesting to do because quite frankly, it’s gone straight up in the air so many different times.

With that being said, $3,200 is a fulcrum for price that we do need to watch very closely. And with that being said, be cautious with your position size and let the market prove itself to you because we did have a very ugly Thursday. And of course, equities are tracking higher during the session on Friday after the announcement. So, a lot of times that will take the wind out of the sails for gold as it were.

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