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Gold Price Forecast – Gold Continues to See Support

By:
Christopher Lewis
Published: Jun 24, 2024, 12:26 GMT+00:00

Gold market continues to see support, as we are trying to do everything we can to bounce from the crucial 50-Day EMA, and of course the $2300 level, an area that has been important more than once.

In this article:

Gold Markets Technical Analysis

The gold market bounced slightly during the early hours on Monday as the 50-day EMA continues to be at least somewhat interesting and important. But underneath there, we also have the $2,300 level, which is a large round psychologically significant figure and the bottom of the overall consolidation area that we seem to have been in for the last several months, the $2,400 level above is a major resistance barrier.

And with that being the case, I think we’re just bouncing around in this general vicinity. The market that we have seen recently has shot straight up in the air and then over the last couple of months have gone back and forth, just trying to work off some of that excess froth. All things being equal, the gold market has plenty of reasons to continue going higher because central banks out there continue to buy it.

But beyond that, we also have to keep in mind that there are plenty of geopolitical concerns that could drive gold higher. Even if we broke down below the support level, which I would suggest is extending all the way down to the $2,280 level, then the market could very well go looking to the 200-day EMA underneath, which is sitting near the crucial and historically important $2,150 level, and in that environment, I’d be a buyer on that dip as well. At this point in time, it’s very difficult to get negative on gold for anything more than a few moments, as there is an entire litany of reasons to believe that gold should continue to rally over the longer term.

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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