Gold Price Forecast – Gold Continues to Look to Higher Levels

Gold Markets Technical Analysis

The gold market continues to pressure the upside in general as the market continues to try to price in the idea of whether or not the Federal Reserve will end up cutting once, twice, or multiple times beyond that. This is all about the Federal Reserve at this point, and quite frankly, I don’t know that people are focusing on anything else.

With that being said, we have a situation where traders are looking through the prism of inflation and whether or not central banks are going to have to do something due to a weakening economy. The $2,480 level of course is an area that’s been multiple resistance at multiple times and now I think we’ve got a situation where eventually we can break out and we can go to the $2,500 level.

If we can break above the $2,500 level, I think this is going to be a situation where it just unleashes a lot of FOMO and gold goes much higher. In the meantime, you could make an argument that gold will continue to be a buy on the dip market as it has been for several weeks.

And of course, we have the 50-day EMA underneath rapidly approaching the $2,400 level, which gives that even more importance on the charts. This is where I think the markets will be very aggressive as far as support is concerned, and I also think this is a situation where the trend will be heavily guarded. If we break below there, it could cause a lot of uncertainty.

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