Gold Price Forecast – Gold Continues to Look at Support

Gold Markets Technical Analysis

Gold has shifted a little bit to the downside, but really at this point in time, we still pay close attention to $2,300 underneath, meaning that we are looking at a situation where we are trying to turn things around, and we’ll have to wait and see whether or not the market does hang on to this. If it does, then it’s likely that we will continue to bounce around between $2,300 on the bottom and $2,400 on the top.

Ultimately, this is a market that will continue to be noisy, but I do think that the overall trend is very much intact. If we do break down below $2,280, then we could drop down to $2,150 where the 200 day EMA is. Keep in mind that the Wednesday session features CPI and the FOMC meeting decision and perhaps most importantly, the press conference afterwards. So, I would expect a lot of volatility.

Again, I’m not looking to short gold, I’m just questioning whether or not this support holds. If it does, then fine, I’m a buyer. If it doesn’t, then fine, I will buy gold at a lower price. I have no interest whatsoever in trying to short the market. There are far too many reasons for it to continue going higher at this point. These include central bank buying, inflation, and of course a massive amount of geopolitical issues going on in various parts of the world.

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