Gold Price Forecast – Gold Markets Quiet Heading Into New Year’s Day

Gold Price Predictions Video for 02-01-2024

Gold Markets Technical Analysis

You can see that gold was pretty choppy on Friday. Really didn’t have anywhere to be. Not a huge surprise. On the last day of the year, why would you expect anybody to throw a lot of money at the market anyway? So, with this, I think you have to look at the market through a prism of the longer term.

And it’s clear to me that the buyers have been in control for some time. With that being the case, I anticipate that any pullback at this point is going to be a potential value opportunity that people will take advantage of. 2050 of course is an area that I think a lot of people probably look at as a potential floor in the short term.

But I believe the real floor in the market is down at the $2,000 level. The 50 day EMA sits right there. And of course, that is an indicator that a lot of people pay attention to, which adds to the fact that the $2,000 level is such a large, round number that will attract a lot of attention. I think as long as we stay above there, the market will be fairly strong.

Interest rates crumbling in the United States should continue to help gold. That being said, the first week of January might be a little odd as traders are just coming back to work. We get the jobs numbers in the second week of January, so that’s I guess when most liquidity will be back in the market. Regardless, the negative correlation to interest rates in America will continue to dominate movement in this market.

If the rates in the United States drop, we should try to challenge the massive wick from the December 4th candlestick. It’s not as if it’s going to be a quick move, but it is something that I fully anticipate seeing this year.

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