Gold Price Forecast – Gold Continues to Look Very Bullish

Christopher Lewis
Published: Apr 3, 2024, 12:54 UTC

The gold market continues to see a lot of upward pressure, despite the fact that the market will look a bit stretched at this point. The gold market could be one of the strongest this year.

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Gold Markets Technical Analysis

The gold market pulled back just a bit during the trading session on Wednesday. But at this point in time, I think you have a situation where short-term pullbacks will more likely than not continue to attract a lot of attention.

The $2,200 level underneath will be an area that people pay close attention to as it is a previous resistance barrier. I do think that we need to pull back, but I also recognize that anytime we pull back, we are more likely than not to find plenty of people willing to get involved. Gold has a lot of reasons for it to go higher, including interest rates dropping, but more importantly, we have geopolitical concerns at the moment.

And on top of that, we even have the central banks around the world likely to continue buying gold. They have been for quite some time. We have had a shot higher consolidation, and another shot higher. The question now is whether or not we had any consolidation. It wouldn’t necessarily be that surprising, nor would it be that negative.

With the jobs number coming out on Friday, we may have a day or two of relatively quiet trading, but I also recognize that this is a situation where if we do get a pullback, I think you have to look for signs of a bounce in order to get involved and try to ride this wave higher. Gold could very well be one of the best trades this year, which is not necessarily a good sign, but it is what it is, and therefore, you have to recognize that we are in an extremely strong uptrend at this point.

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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