Gold Price Forecast – Gold Markets Continue to Look to The Upside

Gold Price Predictions Video for 12-02-2024

Gold Markets Technical Analysis

You can see that the gold market did pull back just a bit during the trading session on Friday, as it looks like we are trying to reach the 50 day EMA. That being said, the market is likely to see that as a short-term bounce, but if we were to break down below there, we could go down to the $2,000 level, which I think is a major floor in the market. Anything below there then starts to look at the idea of the $1,980 level being the bottom of a major support region. If we were to break down below there, we could then see a situation where the market really falls apart.

On the other hand, if we turn around and bounce, and I do think that is more likely than not, gold could try to go to the $2050 level, perhaps the $2060 level after that. All things being equal, the $2075 level above is a major resistance barrier, and anything above there could open up more of a buy and hold market. In that scenario, there will obviously be some type of geopolitical or interest-rate situation that makes it clear that gold will be in huge demand.

This is a market that I think continues to see a lot of buyers coming into the picture, but in general, this is also a situation where things are going to be very noisy due to interest rates, geopolitical concerns and the like. All things being equal, I am a buyer, but I also recognize that you have to do so with rather small positions due to the fact that we have no real clarity other than the fact that we’ve been in a longer-term uptrend. Ultimately, the market is one that every time it dips, I start to add just a little bit to my bigger position as I am in an accumulation phase at the moment. If we do break down below the $1980 level, then I think something drastic will have happened and everybody will be heading to the exits at the same time.

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