Gold Price Forecast – Gold Continues to See Buyers

Gold Markets Technical Analysis

Gold markets initially fell during the trading session on Friday, only to turn around and recapture momentum. Quite frankly, this is a market that has been in an uptrend for some time, and I expect that to continue to be the case. So therefore, I don’t find this overly surprising that we have turned things around. There are a whole plethora of reasons out there to think that perhaps this market should continue to find buyers as it has for some time now. Because of this, I think the market will continue to see upward pressure, but not without issues along the way.

After all, geopolitics certainly favor gold at the moment and interest rates being cut, of course, come into the picture as well. With all of that being said, I think this is a market that every time it dips, there will be people willing to get involved as it offers value. And I also believe that we have much further to go to the upside.

We could go looking to the $3,000 level over the longer term. And right now, I believe that the $2,600 level is probably a major floor in the market, assuming we even pull back that far. The initial sell-off might have been exacerbated by jobs coming out hotter than anticipated in America and perhaps stoking fears of people that we would have interest rates stay higher than anticipated, but it’s clear that the market has made up its mind and we are rallying from here.

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