Gold Price Forecast – Gold Continues to Look for Buyers in Uptrend

Gold Markets Technical Analysis

The gold market has been back and forth in somewhat choppy action on Wednesday morning in the early hours as we are just simply continuing to grind to the side. This does make a certain amount of sense considering that the market has recently been so bullish that eventually, we have to settle down and perhaps work off some of the excess froth. With that being the case, it’s for me a market that you’re looking at dips on the chart as potential buying opportunities. This would be especially true here near the $2,900 level.

But again, at the $2,850 level, followed by the $2,800 level, which was a previous major resistance level, and now features the 50-day EMA as well. Really at this point in time, I don’t see any reason to get short of gold, and I think it’s probably only a matter of time before we get some type of momentum back in this market to send it towards the crucial $3,000 level.

The $3,000 level obviously is a large round psychologically significant figure that a lot of people would be paying close attention to and would grab a lot of headlines. The candlestick for the trading session on Tuesday was pretty ugly, but at the end of the day, it just stayed within the same range that we had been in previously, so I don’t read too much into it. I think at this point in time, it’s almost impossible to get short of the gold market.

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