Gold Price Forecast – Gold Markets Continue to Look For Momentum

Gold Price Predictions Video for 07-02-2024

Gold Markets Technical Analysis

Gold has been rather quiet kicking off the session here on Tuesday, but what’s worth noting is that we are hanging around the $2025 level, an area that has been somewhat noisy in the past. And of course we are sitting on the 50 day EMA, so both of these things together could cause a little bit of support. Furthermore, when you look at the overall attitude of the market, it has been one that has been very choppy and sideways, but it does have more of a positive tilt. And I think that continues to be the case going forward.

With that type of scenario, you have to look at this as a buy on the dip market, while $2,000 underneath should continue to be important because it’s a large, round number and it does extend down to the $1,980 level as a support region. This is a massive block of support that I think will continue to be very important for the longer-term health of the rally. If we give this up, it would be a bad thing and the market would correct accordingly.

To the upside, we have the $2,060 level above offering significant resistance. Breaking that then opens up the $2,075 level, which I think is your ceiling at the moment. Either way, they are out there watching the geopolitical situation and of course, gold is a way to protect yourself. Furthermore, interest rates in America are going to be dropping eventually, even if it’s gonna be a little later than people had anticipated and had hoped for. And that in itself should drive gold higher over the longer term.

Ultimately, I like gold, but I realize that there are a lot of things that could cause noise. Because of this I am keeping my position size reasonable, and giving myself large stop losses just in case. This is a swing trade thought process more than anything else currently, as the longer-term outlook for geopolitical risks and central bank easing should play out in gold’s favor.

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