GLD

Gold Price Forecast – Gold Continues to Attract Support

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Gold Markets Technical Analysis

Gold continues to find buyers on dips, and I think that will be the way forward as we have seen so much in the way of buying pressure previously. Ultimately, this is a market that given enough time, I do think goes looking to the $2,175 level again, and it’s probably worth noting that every time we pull back, there are plenty of people willing to get involved. There are multiple reasons to think that gold will continue to go higher. Not the least of which would be the geopolitical issues around the world that continue to have people concerned.

Furthermore, you also have to look at this through the prism of a market that is trying to do everything it can to get in front of the interest rate cuts that are almost certainly coming from central banks around the world, specifically the Federal Reserve. This is a market that looks as if it is trying to form some type of bullish flag, so that of course is something that you will have to be cognizant of as well.

So, with that being the case, I am more or less looking at this as an opportunity to build up enough inertia to finally go higher. If and when we break above the recent highs then it’s likely that this is a market that will really start to take off. Gold has seen quite a bit of inflow much more than we’ve seen in the last several years and of course central banks continue to buy it as well. So with all of that being said, this to me looks like a market that is doing everything it can to build up inertia for the next leg higher. That being said, with the Federal Reserve meeting on Wednesday, it may be a little back and forth in the short term.

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

This article was originally posted on FX Empire

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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