Gold Price Forecast – Gold Continues to See Support Below

Gold Markets Technical Analysis

The gold market pulled back slightly in the early hours on Friday, despite the fact that the Core PCE Price Index is negative. The reality is that the market is likely to continue to see the need for the Federal Reserve to step in and start cutting rates again, and that does help gold. However, one of the biggest problems that you will have with the gold market is that it is a little overstretched.

So, I’m not necessarily looking to put a ton of money into this market right now, but what I am looking for is some type of pullback. I’d be particularly interested in the 2600 level, if we get down there, I’m watching what happens next, the 2600 level gives way to the $2,530 level, which I think is the next support level. And then followed by that, we have 2,475.

I just don’t see a scenario in which we would be shorting gold, because quite frankly, central banks around the world continue to buy it, and furthermore we have interest rate cuts coming out of pretty much everywhere now, and this of course helps gold. Beyond all of that, we have the geopolitical concerns about war pretty much breaking out everywhere, and ultimately, it’s an uptrend, it’s got a lot of momentum, you don’t want to fight that so I’m looking for a pullback that I can get involved in.

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