Gold (XAUUSD) Price Analysis: Gold Continues to Look at the Upside

Gold Technical Analysis

Gold markets have fallen pretty significantly at the open on Thursday, only to turn around and rip to the upside. This is a very bullish sign, and it looks like we are, in fact, going to try to continue to go higher. Ultimately, I do think that gold makes its way back towards the $3,500 level, but I also recognize that we won’t get there overnight. And the market is going to continue to move on the latest headlines, and of course, the latest drama coming out of the tariff situation, as well as geopolitics.

Remember, we still have a pretty big hot war going on in Ukraine. So that is something that should not be overlooked as well. Furthermore, central banks around the world continue to hold gold in a way that they haven’t done in years, mainly due to the profligate spending by governments worldwide. Ultimately, I do think we have a scenario where, like I said, we go higher, and I think it’s probably only a matter of time on any short-term pullback before we get bought into.

The $3,275 region is fairly well supported. I do think any move towards there will be interesting. And I would also keep an eye on the $3,380 level above because if we can break that, it’s likely that will open up the floodgates to a much bigger move to the upside. It is not until we break down below the 50-day EMA that I start to think a deeper correction is on the table.

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