GLD

Gold Price Forecast – Gold Pulls Back a Bit of Support

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Gold Markets Technical Analysis

The gold market has shown itself to be a little bit negative during the early hours on Monday, but it looks to me like it is going to continue to see plenty of support underneath, and therefore I think it’s probably more likely than not a buy on the dip opportunity.

With this being the case, I think we’ve got a situation where traders will continue to look at this as an opportunity to get long occasionally on these dips. I really don’t see why you would try to short this market, but there is always somebody out there willing to do it, I suppose. The $2,300 level is more likely than not going to be your floor, and therefore, that’s what I would really like to play off of assuming we even get that far. And it doesn’t look like we are.

So short term dips that show signs of life are more likely than not going to end up being a buying opportunity for those trying to get long of gold. And let’s face it, there are plenty of reasons to think that gold should continue to go higher. The $2350 level looks to be an area of interest, but the $2450 level above, I think, is your gateway to much higher pricing.

There are geopolitical concerns, interest rate concerns, central banks around the world getting ready to cut again, central banks around the world buying gold, and a multitude of plenty of other reasons why we continue to look at this through the prism of a bullish market.

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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