Gold Price Forecast – Gold Continues to See Upward Pressure

Gold Markets Technical Analysis

The gold market has rallied rather significantly during the trading session on Thursday as we continue to see a lot of upward pressure, if the market were to break above the $2,525 level, then I think we reach escape velocity, and the market could go much higher. All things being equal, this is a situation where the pullbacks will, I believe at least, continue to be bought into as there are plenty of words out there to describe the market, most of which are along the lines of being fearful and being cautious.

So, with that being the case, it does make a certain amount of sense that gold continues to attract inflows. With this, I think you look at each dip as a potential opportunity. And I do believe that the $2,500 level will continue to be a massive support level.

We had formed a couple of hammers on the daily chart ahead of this, so it shouldn’t be a huge surprise that we are going higher. The question now, of course, is can we break out? The US dollar falling, of course, is helping, so we’ll have to wait and see how that plays out. But right now, it’s worth noting that the US dollar is shrinking a bit.

Central banks around the world continue to buy gold, and of course, interest rates are dropping, which boosts gold as well. And then, even beyond all of that, there are plenty of concerns when it comes to geopolitics and wars.

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