Skip to content Skip to footer

Gold Continues to Look Bullish

The gold market opened with notable strength this Wednesday, showing a steady upward drift. Several factors drive this trend: political uncertainties like geopolitical tensions and the US elections, alongside key economic indicators like Friday’s upcoming jobs report. Interest rates in the US have been rising, which historically would weigh on gold. However, with central banks globally leaning toward rate cuts, demand for gold remains robust.

Notably, major economies like Russia, India, Indonesia, and China continue to bolster their gold reserves, adding further support. Short-term pullbacks still present attractive buying opportunities. The $2,700 level is emerging as a solid support floor, and even if prices dip, the 50-day EMA should act as another layer of technical support.

Based on recent bullish momentum, the projected move aims for $2,800, with potential to climb to $3,000 over time. This strong uptrend shows little sign of weakening, making each pullback a potential entry point for long positions.

Trade Wisely – Important Notice from FirstGold

Please remember that trading derivatives carries significant risk, and only trade with funds you can afford to lose. Not all investors may find derivatives suitable, so please fully understand the risks and seek independent advice if needed. A Product Disclosure Statement (PDS) is available on our website or upon request from our offices and should be reviewed before any transactions are undertaken.