Gold (XAUUSD) Price Outlook – Gold Continues to Look Strong

Gold Technical Analysis

The gold market has rallied a bit in the early hours on Friday as we continue to see a lot of noisy but positive trading overall. I do think at this point in time, gold is more likely than not going to continue to attract buyers on dips as the economic landscape out there, of course, has a lot of uncertainty attached to it. And of course, the trade tariff situation, of course, isn’t solved yet. Short-term pullbacks, I think, continue to offer interesting ways to get into the market, with the $3,200 level being a bit of a floor. This is backed up by the 50 day EMA hanging around in the same area.

And therefore, I think you have to look at this as a market that may just simply be a buy on the dip and hold till we get to the $3,500 level again type of situation. The other possibility is that we go sideways for a while, which is one way to work off some of the excess froth, but I think that’s really what we’re in the middle of right now. It’s a $300 range.

And with that being the case, you have to understand that we may get wild moves from time to time, but I think it stays contained within this range. If we were to break down below the $3,200 level, then $3,000 is support and probably even more than $3,200.

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