Gold Price Forecast – Gold Market Continues to Look For a Break Higher

Gold Markets Technical Analysis

The gold market rallied again during the early hours on Wednesday as we continue to see gold really take the market by the reins. All things being equal, we are on the precipice of a breakout currently, and I do think that the market is going to continue to look at buyers jumping into the market on short-term dips as it offers a little bit of value.

The $2,600 level underneath is a major support level with the 50-day EMA reaching that area rather soon from what I can see. In general, this is a market that continues to be very noisy but ultimately, I do think that based on the measured move, we could get to the $2,800 level based on a bullish flag. All things being equal, this is a market that I think continues to be driven by geopolitical concerns as well as the idea of interest rates dropping. With central banks around the world cutting rates the way they will be, it’s going to obviously have a major influence on gold and where it goes.

With this being the case, I think you have to understand this is a scenario where between geopolitics and interest rates, I do think it’s probably only a matter of time before gold probably goes reaching all the way to the $2,800 level and then eventually the $3,000 level. I have absolutely no interest whatsoever in trying to get short of this market. It’s certainly way too strong to think about that.

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