Gold Price Forecast – Gold Continues to Look For Higher Pricing

Christopher Lewis
Published: May 22, 2024, 13:13 GMT+00:00

The gold market has been somewhat steady over the last several sessions, as we continue to validate the idea of the $2400 level offering support going forward.

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Gold Markets Technical Analysis

You can see the gold has gone back and forth for a while now over the last, say, three and a half days or so above the $2,400 level. The $2,400 level is an area that previously had been significant resistance. So, market memory should, at least in theory, dictate that it is now support. That being said, gold is most certainly in an uptrend, so you cannot get short of gold. Quite frankly, even if we broke down below the $2,400 level, it’s likely that we will see a move down to the $2,300 level as value. We have the 50-day EMA approaching that level, but I’d be a bit surprised if we made it that far to the downside, to be honest.

I think what we’re doing now is simply working off some excess froth and then building a case for the next move higher, which I would assume sends this market looking to the $2,500 level over the longer term. Given enough time, we probably even break above that level, but as things stand right now, the market is going to be a market where you continue to find plenty of value over time on each dip. And I think most traders are going to continue to bank on geopolitical issues. And of course, the central banks around the world continuing to jump into the market to buy gold. So, you have a huge buyer regardless, as there are too many reasons for the gold market to continue going higher at this point.

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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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