Gold Price Forecast – Gold Continues to See Buyers

Gold Markets Technical Analysis

The gold markets rallied in the early hours on Tuesday as we continue to see upward pressure overall. When you look at the chart, it’s easy to see that we have been in an uptrend for quite some time, and I just don’t see that changing. The pullback that we got during the previous session was an opportunity to pick up cheap gold or cheaper gold, but really wasn’t as deep of a pullback as I was hoping for. Quite frankly, I would have liked to have seen gold drop to the $2,600 level, but alas, here we are.

The market is, I believe, still going to go looking to the $3,000 level given enough time, but it may take quite a bit of time to get there. Remember, gold does tend to be very choppy at times, and despite the fact that we have plenty of things moving in its favor, that doesn’t necessarily mean it has to take off right away. We have plenty of geopolitical issues to have people dropping money into the gold market, trying to protect it, and then again, we have interest rates being cut in places like the Federal Reserve, and ECB, Bank of Canada, etc. all driving gold higher as well.

And then finally we have large central banks around the world buying it hand over fist in the region of Asia especially. So, I think all of this ties together for higher gold prices given enough time. That doesn’t mean it won’t be choppy on the way up but clearly at this point short-term pullbacks are going to be thought of as buying opportunities.

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