Gold Price Forecast – Gold Continues to Look For Buyers

Gold Price Predictions Video for 11-01-2024

Gold Markets Technical Analysis

Gold has done very little during the trading session on Wednesday in the early hours, which is not a huge surprise considering that there’s really nothing on the calendar to get things moving during the session. That being said, we are paying close attention to the CPI figures on Thursday and the PPI figures on Friday as to the direction of the bond market, which is really what we’re paying attention to more than anything else. After all, higher interest rates tend to work against the gold market while lower tend to help, at least coming out of the United States.

Now this isn’t a correlation that has to hold 100% all of the time because there are times when yields can drop because people are buying bonds and dumping gold to perhaps pay for other losses in their portfolio but overall, this is something that tends to hold true. Looking at the chart, the 50 day EMA sits just below and the $2,000 level below that offers even more in the way of support. Above we have the $2,075 level that will offer a certain amount of resistance and if we can take that out then the market can go much higher.

In the meantime, this looks like a market that’s essentially just stuck in the middle of that range waiting for some type of catalyst, perhaps given to us on Thursday and Friday, to get moving. In this environment, I am still very bullish on gold, but I also recognize that you are going to have to be very patient if you choose to trade the market at this time. With the massive amount of geopolitical issues out there alone, I think that probably means that gold should shine for 2024, but also if we continue to see interest rates drop, that will also add a bit of momentum as well. That being said, gold is not a one-way trade, so you do need to be cautious and dip into the market casually and cautiously.

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