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Gold Forecast: Continues to See Upward Pressure

Gold markets rally towards all-time highs amid volatility. Strong buying momentum, geopolitical factors, and global rate cuts fuel bullish sentiment, suggesting a potential $2500 target.

  • Gold markets have rallied significantly during the course of the trading session, as it looks like we are trying to take out the all-time highs.
  • Short-term pullbacks will continue to be buying opportunities as we have seen during the trading session on Thursday, and of course we have seen quite a bit of volatility.
  • Ultimately, this is a market that I do think eventually breaks out to the upside, but in the short term it’s likely that we will see an eventual return to buying and holding.

Gold Forecast Today - 29/03: See Upward Pressure (Graph)

Gold Continues to See Inflow

All things being equal, this is a market that I think continues to see a lot of momentum, due to the fact that it is not only a bullish market, but it is obviously driven by momentum. Furthermore, there are a lot of reasons to believe the traders will continue to look at gold favorably, not the least of which would be the geopolitical pressure that seems to be on this market. After all, gold is considered to be a safety asset, and clearly there are a lot of reasons out there that believe that you might need some safety.

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    Furthermore, you have to keep in mind that central banks around the world continue to cut interest rates, and that obviously has a major influence on gold, as holding bonds will pay less in the future. Regardless, this is a situation where you can see plenty of buyers on the chart, so there’s no point to get overly aggressive one way or the other, understanding the fact that the market is one that has been extraordinarily bullish, and it’s one that you should be following. That doesn’t necessarily mean that you jump in with both feet right away, but it certainly shows that there’s only one direction to be trading this market at the moment. If we break the recent highs, then it opens up the possibility of a move to the $2500 level given enough time.

    Keep in mind that Friday will be a limited trading session due to the fact that it is Good Friday, so futures markets will certainly close early. However, we clearly have one direction we should be looking at so if you are involved, practice good money management and make sure that you are not trying to get in front of a massive bullish market.

    Ready to trade today’s Gold prediction? Here’s a list of some of the best XAU/USD brokers to check out. 

    Christopher Lewis
    About Christopher Lewis

    Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.


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