Gold Price Forecast – Gold Continues to See Buyers

Christopher Lewis
Updated: Jun 20, 2024, 15:52 GMT+00:00

The gold market has shown itself well supported at the moment, as we see a lot of noise and action down to the $2280 level. As things stand, there are a multitude of reasons for buyers to continue to run this market.

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Gold Markets Technical Analysis

The gold market rallied significantly during the early hours on Thursday as we continue to see plenty of upward pressure. It’s probably worth noting at this point that we are in the midst of building some type of base for this market. And I think that short-term pullbacks will more likely than not attract buyers as it offers value. The 50 day EMA sits just below and then of course we have the $2,300 level, which in and of itself will attract a certain amount of attention as it is a large round psychologically significant figure.

The $2,280 level is the bottom of that support region. And as long as we stay above there, I think this remains buy on the dips. If we were to break down below that level, then I think you’ve got a situation where you’re probably going to be looking to buy gold closer to the $2,150 level where the 200-day EMA currently resides.

I don’t necessarily think that’s going to happen, but it is something to keep in the back of your mind just in case. I do believe that we will go higher from here over the longer term and we could go looking to the $2,400 level which has been a bit of a barrier. Anything above there could open up a possible breakout. When you look at the longer term chart it’s easy to see that we have been working off some of the froth from the excess move higher and I think this is just more of the same. We had bounced from the bottom of this overall consolidation range.

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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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