Gold Price Forecast – Gold Markets Continue to Look For Momentum

Gold Price Predictions Video for 12-01-2024

Gold Markets Technical Analysis

Gold has been all over the place during the trading session on Thursday, as you would expect, with the consumer price index numbers coming out. Basically, they were where we thought they would, maybe slightly warmer than initially thought, but really at this point it appears that Wall Street was hoping for some type of major meltdown in CPI figures. That being said, the bond market has been jumping around and that of course has a knock-on effect when it comes to what happens with gold. With that being said, I think you’ve got a situation where the market will continue to be noisy. And at the end of the day, we probably will have seen no real change. After all, we have been consolidating between the $2,000 level and the $2,075 level.

And with that being the case, then there’s not a whole lot to do other than to perhaps look to longer term charts in order to suggest that maybe we could start to see a little bit of consolidation before we make a bigger move. That’s not completely out of the realm of normalcy because quite frankly, you’ve got a situation where we had ran pretty hard to the upside and now we’re just trying to sort out what to do.

Because of this, I think you’ve got to look at this as a buy on the dip market. If we were to break down below $2,000, then that would be rather negative, but at this point, I don’t know that much has changed. We’re still bullish, we’re still consolidating, and we’re still looking for a reason to get moving. With that being said, you will probably have to continue to pay close attention to the bond markets, and of course what interest rates are doing as the gold markets are so sensitive to them. With this being the case, I think you get a situation where you need to be cautious, but eventually we should get buyers coming back into the market to lift things as long as we can stay above the $2000 level.

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