- Gold markets have rallied rather significantly during the trading session on Tuesday, as we continue to see money flying into the gold markets overall.
- The uptrend has been very strong for a while, and now that we have broken out to fresh all-time highs, it’ll be interesting to see if and when the momentum picks back up.
- I think short-term dips will continue to be buying opportunities in a market that has obviously been very strong.
Underneath, we have the $2800 level that had been previous resistance, but over the last couple of days, we have seen this market truly take off to the upside and show signs of extreme strength. At this point, I have no doubt that we will eventually reach the $3000 level, an area that I had been paying close attention to as a potential target for a while now. Ultimately, I think you have a situation where we will continue to see money flying into this market, if for no other reason than to protect wealth in an age that might see a lot of tariff volatility.
Top Regulated Brokers
Technical Analysis
The technical analysis is obviously very bullish for this market, and I think at this point in time there’s no way to short the market. The $2000 level should have a lot of support built into it, and even if we were to break down below that level, the $2700 level becomes interesting due to the fact that it is where the 50 Day EMA currently resides. It probably won’t be until we break down below the 50 Day EMA that people will even remotely began to think about the idea of shorting. Because of this, I think we have a long way to go and I believe that traders continue to look at this through the prism of a runaway upward trend. Longer-term, I still believe that this market is going to see the $3000 level.
Ready to trade our Gold price forecast? We’ve made a list of the best Gold trading platforms worth trading with.