Gold Price Forecast – Gold Continues to See Buyers on Pullbacks

Gold Price Predictions Video for 14-02-2024

Gold Markets Technical Analysis

Gold looks as if it is trying to recover again during the trading session on Tuesday as we break above the 50 day EMA. That being said, it does look like the market is in a major consolidation area with the $2,000 level underneath as a support level that I think extends down to the $1,980 level. I think of this as a support range that people will be able to play off of.

The $2075 level above is a significant resistance barrier that a lot of people will pay attention to. The 50 day EMA of course has offered a little bit of support over the last several months, so I think it is worth paying attention to. All things being equal, it looks like we are trying to work off some of the froth and the gold market of course has a lot of things it’s paying attention to.

The first one of course is going to be the geopolitical situation around the world, which is obviously a bit of a mess. But at the same time, we have a lot of questions asked about bond markets and whether or not they are going to start to see lower rates. Most central banks around the world will be cutting rates this year. So, I do believe that gold eventually takes off either due to that or some type of geopolitical noise.

Nonetheless, this is a market that I think will continue to be very sideways for a while, and as we are closer to the bottom than the top, I think it makes sense that you have to be a bit bullish, at least short term. If we were to break above the $2,075 level above, then it becomes a buy and hold market. It is worth noting that the 200-day EMA sits just below the $1,980 level. So, I think that is an area that is going to remain very crucial as well as a trend defining region.

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