Gold Price Forecast – Gold Continues to Look For Floor

Gold Markets Technical Analysis

Gold started to fall again during the trading session on Tuesday, although probably won’t be overly surprising. We do have the Federal Reserve meeting on Wednesday, and a lot of people will be paying close attention to it. So, with that being the case, it’s probably not a huge surprise that we may hesitate to get overly aggressive.

After all, Jerome Powell might end up being somewhat hawkish in the press conference, and that could put downward pressure on gold if it does. I think it’s great. I think it’s good news because you’ll be able to buy it at a lower level. The $2,300 level, of course, is an area that a lot of people will be paying attention to.

So, it’ll be interesting to see how we behave in that general vicinity. But as things stand right now, I think we have to look at that as just simply an area to perhaps get involved. Keep in mind that it’s going to be very difficult to get aggressive between now and the press conference. So I think you’re more or less in a wait and see type of mode, although we are most certainly going to see 2300 to have some type of effect.

If we were to break down below there, then the 50 day EMA could be targeted followed by the $2,200 level. But we will have to wait and see how that plays out. The 2400 level above is an area that we have seen a lot of resistance previously, so if the $2,300 level does hold, then the $2,400 level is probably the top of what would more likely than not be consolidation.

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