Gold Price Forecast – Gold Continues to Bounce From Major Low

Gold Price Predictions Video for 19-02-2024

Gold Markets Technical Analysis

Gold has shown itself to be somewhat resilient during the last couple of days as we have bounced from the $1,980 level. This is an area that of course will attract a lot of attention as it had been support previously. And you’ll notice on the chart that I have colored it darker as I think it’s an area that extends up to the $2,000 level for support as a range, not necessarily something that is like a brick wall. So, in other words, traders will have to pay close attention to how prices behave in that area and so far, it has shown its proclivity to bounce. It’s also worth noting that the 200-day EMA is sitting near the $1,980 level.

So therefore, it adds even more credence to this area being important. At this point it looks like gold is going to try to get to the 50 day EMA above, which sits right around the $2,020 level. If we can break above there, then I think we’ve got a real shot at going higher. That doesn’t mean that it’ll be easy, and it doesn’t mean that it has to happen, but I do think it’s something that the market participants are currently eyeballing, so at this point, you have to look at it through that prism.

Given enough time, if we can break above there, then we could go to the $2,060 level, possibly even the $2,075 level. If we were to turn around and break down below the 200-day EMA, then it could send the market down to the $1,940 level. In general, this is a market that I think continues to be very noisy, but it’s also a market that has well-defined support that a lot of traders are starting to lean into.

Another thing to keep in mind is that there are plenty of geopolitical concerns out there that could drive gold higher as well, and of course if central banks around the world are going to cut rates, it makes a lot of sense that gold should do well.

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