Gold Price Forecast – Gold Continues to Struggle a Bit

Gold Price Predictions Video for 04-01-2024

Gold Markets Technical Analysis

You can see gold initially did try to rally but gave back gains during the early hours on Wednesday, as there seems to be a lot of headwinds out there for gold in the short term. I suspect a lot of this comes down to people trying to square positions from last year, maybe some concerns about the ISM numbers coming out, and possibly some concerns about the job report. Will the job report be strong enough that the Federal Reserve might be seen as not cutting as much? This is all about interest rates in America, and if they continue to drop over the longer term, that will help gold.

That being said, there is plenty of support underneath, so I’m not necessarily going to be somebody who’s going to be shorting gold. In fact, I think the 50-day EMA and the $2,000 level both make interesting entry points into this market, and that assumes that we can even get there. There is a certain amount of minor support right around where the market is testing, near $2,040, so that’s also an area I’ll be paying attention to. At the end of the day, I really don’t want to sell gold until we break down well below $2,000. At that point, we could drop another $200.

But as things stand right now, I think this offers a buy on the dip type of trading environment that you need to be aware of. That doesn’t mean that you jump in with a huge position right away. It simply means that buying on dips should work out over the longer term. If we can turn around and close above $2075, that would be a very good sign.

But again, you’re going to have to watch those interest rates in America and the negative correlation between the 10-year yield and the gold market probably more than anything else. With all of this, caution is advised, but there is still a compelling story behind owning gold in your portfolio or trading account longer-term. I have no real interest in selling at the moment, and will let the market settle down before acting.

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