Gold Price Forecast – Gold Markets Showing Hesitation

Gold Price Predictions Video for 19.12.23

Gold Market Technical Analysis

Gold markets were relatively quiet to kick off the trading session on Monday. That being said, the market is likely to continue to look to the upside due to all of the macroeconomic factors out there. The first one, of course, is the fact that the Federal Reserve looks as if they are out there and ready to start loosening its monetary policy. If that’s going to be the case, then the market is likely to continue to see a lot of upward pressure over the longer term.

The 50-Day EMA hangs around the $1980 level and is rallying, and therefore it looks as if the market is ready to continue to look at that as a potential support level, therefore I think this is a situation that traders will continue to step into and pick up every dip that occurs, due to the fact that we have a lot of bullish pressure, and the US dollar is more likely than not going to continue to see downward pressure, which of course helps gold. Furthermore, interest rates are going to continue to drop from what we see, and therefore it makes gold much more attractive.

Furthermore, you also have to keep in mind that the geopolitical situation in the world at the moment is shaky at best, so of course people would start to look to the idea of trying to protect their wealth as the various wars and potential massive recessionary headwinds and global economic slowdowns. With that being the case, gold is probably going to be very attractive for traders who are trying to sort out what they are going to do going forward.

All things being equal, I do think that eventually we go looking to the $2075 level, which is the top of the body from the candlestick just prior to the massive liquidity drain that we had seen at the beginning of December. Because of this, I think we do have a short range of upward pressure coming into the picture, but I don’t necessarily think that we explode to the upside between now and the end of the year.

For a look at all of today’s economic events, check out our economic calendar.