Gold Price Forecast – Gold Continues to See Strength

Gold Markets Technical Analysis

The gold market initially fell during the trading session on Wednesday but has turned around now that we’ve gotten the consumer price index numbers in the United States out, which were as expected. So, there wasn’t much of a shock there. The question, of course, is going to be about the Federal Reserve and whether or not this is enough to change anything. I don’t think it is. I think we will more likely than not see an interest rate cut of about 25 basis points at the December meeting, and now the market has an 80% probability of the January meeting being flat being no change.

So, if that’s the case, then we already know what the Fed’s going to do and it does mean that we may continue to see the US dollar strengthen, but at the same time, see gold strengthen because other central banks around the world continue to cut. We’ll have to see. At this moment, it looks like short-term pullbacks will more likely than not continue to see buyers near the 50-day EMA, which is closer to the $2,650 level, assuming that even is a thing. I don’t even know if that happens, but I certainly would be all over it. If we can clear the $2,715 level, we will more likely than not try to make a move towards the recent all-time highs. This is what I think we are going to see happen eventually, as the market remains in a very strong uptrend in the long term.

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