Gold Price Forecast – Gold Markets Continue to Look Upwards Despite Pullback

Gold Price Predictions Video for 29-12-2023

Gold Markets Technical Analysis

You can see that the gold market has initially tried to rally during the trading session on Thursday but gave back gains to show a little bit of hesitation above the $2075 level. That being said, this is a bit of a breakout, and I do think that we will have some follow through coming down the line.

Given enough time, I expect gold to go all the way back to the high of the wicked candlestick on December 4th. Ultimately, this is going to remain a buy on the dip type of market, especially as interest rates in the United States continue to tumble. As long as they are dropping, that does drive gold to higher levels as it is toxic for gold to have high interest rates.

Underneath, the $2050 level should be an area of support as it was previous resistance. If we were to break down below there, then we could drop as low as $2000. It’s not until we break down below $2000 that I am overly concerned about this market, and it’s probably worth noting that the 50-day EMA sits right around there as well. So, we have about a $75 buffer that I think continues to keep this market bullish, but I also recognize at this time of year, you’re going to have some serious issues when it comes to liquidity, so that’s something to keep in the back of your mind as well.

2024 should be a very strong year for gold as we have plenty of geopolitical concerns, interest rates dropping in the United States, and several other central banks are probably on tap to start loosening monetary policy as well. With that being the case, I do think that gold will eventually hit the highs again, but it may be a bumpy ride along the way.

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