Gold Price Forecast – Gold Continues to Look Noisy But Positive

Gold Price Predictions Video for 31-01-2024

Gold Markets Technical Analysis

Gold markets rallied early during the trading session on Tuesday as we continued to threaten the $2,040 level. If we can break above the $2,040 level, then it’s possible that we could go look into the $2,060 level. That being said, we do need to see some type of momentum to get the gold market moving.

After that, we have the $2075 level which of course has been a major barrier for the bulls out there looking to buy gold. Short-term pullbacks I do think are buying opportunities along the way, with the $2000 level being support and that support extending down to the $1980 level. It is worth noting, though, that we have been following the 50-day EMA overall, and I think that might continue to be the case. Furthermore, we have the Wednesday FOMC meeting and press conference, as well as a statement that could move the market. I think that’s probably what everybody’s hanging around, as they are waiting for an idea as to whether or not Jerome Powell is going to be dovish or hawkish.

The more dovish he is, the more likely we see Federal Reserve cuts this year, and the more likely we will see a gold rally. In general, I think this is a market that could continue to see a lot of upward pressure every time it pulls back. I don’t have any interest in shorting gold anytime soon, at least not until we break down below the 200-day EMA.

In general, this is a situation where we continue to see a lot of choppiness and volatility, but overall, we still have a lot of reasons to think that gold could rally. The most obvious potential bullish scenario for gold is based on geopolitical concerns, so keep that in the back of your mind as well. Geopolitics can quite often cause people to run into gold for safety, which is something that we have plenty of opportunities to see happen as conflict breaks out everywhere.

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