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Gold Price Forecast – Gold Continues to See Buyers

By:
Christopher Lewis
Updated: Mar 18, 2024, 17:26 GMT+00:00

Gold markets continue to see a lot of volatility, and of course a lot of external pressure.

In this article:

Gold Markets Technical Analysis

Taking a look at the gold market you can see it initially pulled back just a bit during the trading session only to turn around and show signs of life. At this point we have to ask questions as to whether or not the resistance above is going to continue to hold and do we form some type of consolidation or do we form a bullish flag which I think is very possible.

You also have the possibility of a pullback. Now, I would prefer to buy gold on a pullback just from a value proposition, but ultimately, I think that is probably a bit much to ask out of the market right now. The $2075 level is almost certainly a floor in this market, and I would love to get gold somewhere there so I can pick up plenty of value.

That being said though, it looks more and more increasingly possible that we are going to go sideways right around the $2,175 level, work off some of the excess froth and then eventually take off to the upside. Regardless, there’s no reason whatsoever to sell gold. I think it continues to be a very strong commodity. Central banks around the world continue to buy the gold markets and of course we have central banks around the world looking to cut rates, which will naturally put upward pressure on it as well. Furthermore, you have to think about the geopolitical aspect also that has a lot to say about gold going 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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