Gold Price Forecast – Gold Continues to Look Strong

Christopher Lewis
Published: May 27, 2024, 12:27 GMT+00:00

The gold market continues to see a lot of support underneath, as the Monday session was of course Memorial Day in the USA. This is a market that has a lot of support underneath though, and I think will continue to show this.

In this article:

Gold Markets Technical Analysis

Gold rallied a little bit during the early hours on Monday as we continue to see the market trying to find its footing and perhaps turn things back around. It has been a brutal couple of days leading to this point, but ultimately, gold is still very much in an uptrend, and you have to think of it as such.

With this, I look at the $2,300 level underneath that as a major support level. But really at this point in time, I don’t even think we’re going to get there based on the action of the last two trading sessions. I do think that breaking above the top of the inverted hammer from the previous session does make Monday a little bit more important than you would think, despite the fact that we are going through Memorial Day, a holiday, and that of course means that liquidity would have been thin in North America. There are plenty of geopolitical risks out there that come into the picture that could drive gold up by themselves, but quite frankly, the massive amount of borrowing done by the Americans puts upward pressure on gold as well.

So, I like gold. I think this has been a nice opportunity to pick up gold on the cheap, as it were, but it doesn’t necessarily mean that we have to shoot straight up in the air from here either. I just think you have a general grind higher.

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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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