Gold Price Forecast – Gold Markets Continue to Look For Direction

Gold Price Predictions Video for 24-01-2024

Gold Markets Technical Analysis

Gold initially rallied on Tuesday but has given back a bit of the gains as it looks like a potential consolidation phase is getting ready to kick itself off. The 50 day EMA is offering a bit of a short term support level, but I think the real support is probably closer to $2,000. This is an area that obviously has a lot of psychology attached to it and has proven itself to be important more than once. Options barriers almost certainly live in that general vicinity as well, so I think it all comes together quite nicely.

Having said that, I am very interested in buying gold near the $2,000 level, unless of course, the US dollar suddenly spikes. That might be the one thing that gets me away from the gold trade. I also suspect that gold probably has a little bit of an area down below the $2,000 level to about 1,980, which is also going to offer support. So, with that being the case, I think I would also look for a bounce in that area. It’s not like a brick wall at $2,000.

So, with that being said, I look at this as a potential value buying opportunity. To the upside, it appears that somewhere around $2,040 there is a certain amount of selling pressure that comes back into the picture. Blowing beyond there opens up the possibility $2050 and then eventually $2075, which we have turned around from a couple of times now. Breaking above there in a daily close would obviously be very bullish and quite frankly, I think that’s what the bulls are looking for. At this point, I do think they will eventually get what they want, but I am waiting for the proper price action to get involved and start putting money at risk.

That being said, the reality is right now we’re going to be choppy more than anything else, but that’s true with most markets that I’m watching right now. It’s not a whole lot of long-term trading going on right now, I think it’s mainly just a lot of chop and back and forth overall.

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