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Gold Price Forecast – Gold Continues to Look For Footing

By:
Christopher Lewis
Published: May 29, 2024, 13:03 GMT+00:00

The gold market fell a bit in the early hours of Wednesday, as the market is currently looking for some kind of floor in this market.

In this article:

Gold Markets Technical Analysis

You can see that gold fell quite a bit during the early hours on Wednesday, as we continue to see a lot of volatility in markets around the world. Gold won’t be any different. And at this point, I think we are trying to determine whether or not there is a floor. Underneath, the $2,300 level should continue to be an important level as it not only is a large round psychologically significant figure, but it’s also an area where we’ve seen buyers jump in. We also have the 50 day EMA in that area. So, I think it all comes together for a potential value area. A lot of confusion seems to be raining out there, and I just don’t see how that changes anytime soon.

However, when you look at this chart, it’s pretty easy to see that this is in an upward trend, and it would take quite a bit of downward pressure to change that. We did during the previous week, we saw a lot of nasty selling pressure, but still it was from an extraordinarily high level. So, with this, I think you’re waiting to see whether or not we can get some type of bounce from here. And if we do, then you’re a buyer the market should continue to enjoy central bank buying, geopolitical concerns pushing gold higher and of course countries like the United States borrowing money hand over fist should continue to drive the demand for gold higher.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.

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