Gold Price Forecast – Gold Markets Continue to Bounce Around

Gold Price Predictions Video for 25-01-2024

Gold Markets Technical Analysis

Gold has initially fell a bit during the trading session on Wednesday, only to turn around and show signs of life again. It’s worth noting that the 50 day EMA sits just below and does offer a bit of technical support, but quite frankly, when you look at the overall trend, it’s to the upside anyway. With that being the case it’s obviously a market that you want to be a buyer in. And I do think that dips continue to offer buying opportunities. Underneath, we have the $2,000 level, which I think is the beginning of a massive support region down to the $1,980 level.

All things being equal, this is a market that I think continues to try to get to the $2075 level above, but it’s also worth noting that’s an area that has been a significant amount of resistance. If we clear that, then it’s likely that we will go much higher. Keep in mind that gold is getting a little bit of a boost due to expected central bank loosening around the world, which lowers yields and tends to make gold more attractive.

Furthermore, there are plenty of geopolitical concerns, not the least of which would be the attacks in the Red Sea, the war in Gaza, the war in Ukraine, and the tensions between China and Taiwan, making gold an attractive way to protect your wealth. All things being equal, I think that it’s not until we break down below the $1,980 level that you can even remotely consider shorting this market.

That’s not to say that we go straight up in the air, but it certainly does suggest that perhaps we will have a scenario where we may be somewhat range-bound with more of an upward tilt. That might be a way to look at it, but either way, I am long only when it comes to this particular market, at least until central bank monetary policy changes, something that doesn’t look very likely to happen anytime soon.

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