Gold Price Forecast – Gold Market Struggle Again

Gold Price Predictions Video for 09-01-2024

Gold Markets Technical Analysis

Gold fell during the trading session on Monday as we continue to see a lot of volatility in markets overall. Ultimately, I think this is a scenario where we will eventually find buyers, but we probably still have to probe the overall short-term support region that we sit just above. The 50-day EMA, of course, is a major feature of this support region followed by the $2,000 level. I do think that there will be some type of reaction soon, but we’ll have to wait and see how markets behave.

After all, there are a lot of questions to ask about bond markets and interest rates, and those markets do have a major effect on the gold market. With that being the case, I think you’ve got a scenario where we continue to go back and forth, possibly more with a negative slant in the next couple of sessions, but I will not hesitate to put on a small position if we get closer to the $2,000 level and build that position to larger chunks along the way if we see a market that turns around.

At that point, I think the $2,075 level is a barrier, and the daily close above there opens up the possibility of going to the $2,200 level. Underneath the $2,000 level, then you start to probe for support, and there are multiple areas underneath that could offer it, but right now I suspect that we are in a situation where anything below there has a lot of people concerned.

Keep an eye on the 10-year yield because if those yields start to rise in America that will put downward pressure on gold and of course, vice versa. You can use the dollar as a bit of a proxy for that, but it is possible, and has happened quite a bit in the past, where both gold and the US dollar rallied due to a safe haven trade. Regardless, make sure that you keep your position size reasonable as the market seems to be uncertain about a lot of different things at the same time.

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