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Gold Price Forecast – Gold Continues to See Uptrend

By:
Christopher Lewis
Published: Apr 15, 2024, 13:10 GMT+00:00

The gold market stabilized a bit during the session on Monday, as the weekend saw the Middle East situation has at least not gotten out of hand.

In this article:

Gold Markets Technical Analysis

Gold markets have gone back and forth during the trading session on Monday, as it looks like we are still working with a fairly overstretched condition. We are above 70 on the RSI, and that suggests that perhaps we need to at least slow down if not pull back. And quite frankly, I think a pullback would be really healthy at this point.

The $2,200 level underneath could be support, and I’d love to see the market drop down to that area. Whether or not we get that move remains to be seen, but one thing is for sure, when we woke up on Monday, the situation in the United States, interest rate situation, of course, is still the same, but we got a little bit of a reprieve in the Middle East as the war did not expand the way it could have over the weekend, and therefore gold lost at least one of its short-term drivers. That doesn’t mean that we won’t go higher, it just means that we won’t get a panic shot higher, at least from that type of headline.

So, at this point, I’m looking for short-term pullbacks to buy into if I get that opportunity. The noise on Friday was kind of out of control, but this is still a market that I would not be selling. I think there’s just far too much in the way of upper momentum, and far too many things out there that could push gold much higher. With this being said the 50 day EMA is sitting just below the crucial $2,200 level, so that’s something to think about as well. And I will be very interested in buying a dip, especially if we lose something like a hundred dollars in this market.

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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