Gold Price Forecast – Gold Continues to See Upward Pressures

Gold Markets Technical Analysis

Gold markets have rallied a bit during the early hours on Friday as we are now above the crucial $2,800 level. This, of course, is in reaction to Donald Trump likely to slap tariffs on Canada and Mexico, and as a result traders are worried about the financial system and, of course, their portfolios. Gold offers a little bit of safety in these times, and therefore, I think it makes perfect sense, though we find ourselves here.

Ultimately, given enough time, I do think that traders will continue to look at this through the prism of perhaps finding value in dips. But this is a market that’s been in an uptrend for quite some time, so regardless, this isn’t much of a surprise. And in fact, it should have been expected. We’ve consolidated for quite some time now, and with that being the case, it’s likely that traders will continue to hang on to their gold and perhaps try to push this market to the $2,900 level.

Next, underneath I see a lot of support at $2,700 and I think that’s your floor in the market right now, especially as the 50-day EMA comes into the picture and of course, you have to pay attention to market memory in that region. So having said that, I think you’ve got a situation where gold continues to shine, and traders are more than willing to jump in.

For a look at all of today’s economic events, check out our economic calendar.