Gold Price Forecast – Gold Markets React to Jobs Number

Gold Price Predictions Video for 08-01-2024

Gold Markets Technical Analysis

Gold fell a bit in reaction to the slightly stronger than anticipated jobs number coming out of the United States, undoubtedly a reflection of interest rate movement. That being said, the market has been pulling back for a few days. So, someone would have to believe that there are people out there that already knew this.

With that being the case, I think you’ve got a situation where you will eventually find a nice buy on the dip opportunity. And as I have stated in the past, I would love to do it somewhere closer to the 50 day EMA or perhaps even down to the $2,000 level. I don’t necessarily think that gold is going to absolutely implode any time soon. That being said, pay close attention to the 10 year yield, because if it starts to rise drastically in the United States, that would have a negative effect on the gold market as per usual. At this point though, I think traders are fairly hell-bent on the idea of a loose Federal Reserve in 2024, so they will probably press the issue and eventually gold will find plenty of upward momentum.

However, there’s always the possibility that we’ve reached the high yet again. As things stand right now, though, you can make out a bit of a channel which lines up quite nicely with that $2,000 region. You should also keep in mind that the Friday candlestick is from a session that not only featured the non-farm payroll numbers, but also featured a certain lack of liquidity.

A lot of traders have not come back from the holiday season quite yet. Therefore, I think you have to understand that some of the moves may be a little exaggerated or perhaps not necessarily what you would expect at this point in time. I do think that you have a situation where eventually you’ll get an opportunity to buy gold at a cheap price. But right now, I think it’s a matter of standing out of the way and looking for signs of a bounce to take advantage of.

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