Gold Price Forecast – Gold Markets Continue Overall Recovery

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

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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.

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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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