Advertisement
Advertisement

Gold Price Forecast – Gold Markets Continue Overall Recovery

By:
Christopher Lewis
Published: Feb 15, 2024, 13:16 GMT+00:00

Gold markets rallied early during the trading session on Thursday as we continued to recover from the recent selloff.

Gold bullion, FX Empire

In this article:

Gold Price Predictions Video for 16-02-2024

Gold Markets Technical Analysis

Gold rallied a bit during the trading session on Thursday again, as it looks like we are trying to recover the $2,000 region. If we can break above there, then it’s likely that the market could go looking to the 50-day EMA. All things being equal, it is worth noting that we formed a hammer during the session on Wednesday, and it suggests that we are perhaps trying to defend this region. This is an area that I think extends down to the $1,980 level, and possibly even the 200-day EMA.

With that being said, it does make quite a bit of sense that we would see a bit of a recovery. The 50-day EMA, of course, will be an area that I think will cause a certain amount of noise, but ultimately this market is going to be moving mainly on interest rates and the possibility of geopolitical concerns. So, with that, I think you have to look at this as an asset that is just simply trading at the bottom of a huge range, and now it’s likely to see a situation where we try to get back to the $2075 level.

Then it could be very difficult to perhaps get there easily. So, I think it is going to be more or less a fight. Nonetheless, it does look like we are in the process of bottoming out. And as long as we can stay above that 200 day EMA and the $1,980 level, I’m more inclined to buy dips in this market than I am to short it anytime soon. All of that being said, if we were to break down below the 200 day EMA, we could find this market reaching down toward the $1,940 level. While that is certainly a technical possibility, it’s not necessarily something I’m looking at happening anytime soon. After all, there are a lot of geopolitical issues out there that can keep gold flow, and of course central banks continue to be massive buyers of the asset.

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.

Did you find this article useful?

Advertisement