Skip to content Skip to footer

Gold Price Forecast – Gold Pulls Back to Major Support

Gold Markets Technical Analysis
Gold markets pulled back just a bit during the trading session on Tuesday in the early hours, as it looks like we are going to continue to see the 2300 level as important support. The $2,300 level has been tested multiple times before, and now it looks like we’re just bouncing along the bottom of what appears to be a larger consolidation phase between $2,300 on the bottom and $2,400 on the top. We obviously have to ask a lot of questions about the Federal Reserve and whether or not they are going to be cutting, because now people are suggesting that there’s only going to be one cut between now and the end of the year, even out there suggesting that there will be none.

So, with that, you have to recognize that the gold market is going to be very noisy in general. If we were to break down below the $2,280 level, then I think it opens up even more significant selling pressure. The market breaking down below the $2,280 level could open up a move down to the $2,200 level, possibly down to the $2,150 level where the 200-day EMA currently resides. Nonetheless, this is a market that I think, regardless, you’re going to be looking to buy dips. I don’t know what it’s going to take to get to the $2,400 level again, but at this point in time, I do think we will return there sooner or later.

Experts trade the markets with IC Markets
Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spread
There are plenty of geopolitical concerns out there that will continue to cause headaches and therefore I think there will be a lot of demand for gold. Furthermore, central banks are big buyers and of course treasuries around the world are borrowing money hand over fist and that typically helps gold as well.

Source: Fxempire