Gold Price Forecast – Gold Bounces Back a Bit

Gold Price Predictions Video for 10-01-2024

Gold Markets Technical Analysis

We rallied a bit during the trading session on Tuesday in the gold market as we continued to see a lot of noise. I suspect that the 50 day EMA is going to continue to offer a bit of support and we have bounced from there of the last two trading sessions. At this point, I think the $2,000 level is of course going to be important to pay attention to below there as well, as it is not only a large psychological figure, but it’s also an area where we’ve seen a lot of resistance previously.

Above, we have the $2075 level offering significant resistance, and therefore, I think we are still very much in a range, but overall, this is a market that I do think favors a buy on the dip approach, as there are a whole litany of reasons to think gold will go higher, not the least of which is going to be geopolitical concerns. As we go into 2024, it’s obvious that there are a lot of things out there that could cause concern. We also have interest rates that are dropping based upon the idea that the Federal Reserve is going to cut multiple times in 2024. So, all things lead to higher pricing before it’s said and done.

Looking at this market as a buy on the dip opportunity is probably going to be the way I play it most of the year, but it certainly is right now as traders are just now putting on bigger positions for the year and of course are trying to catch up to the overall trend in and of itself. Once we break above the $2075 level, it’s very possible that we may try to take on the top of that massive candlestick from December 4th.

Ultimately, the inherent volatility of gold is showing itself, but I also recognize that this is a market that’s been in an uptrend for multiple reasons. Pay close attention to the 10 year yield in the United States, which can have a major influence, and of course many geopolitical issues at the same time also provide a little bit of support for gold as well.

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