DailyForex analysts monitor the gold market regularly to bring you gold price predictions and gold market forecasts that can help you find the best positions in the gold market. Our gold forecast signals are good for both forex gold spot market traders and as well as for the long term gold investors in commodities market.
Watch as gold prices fluctuate based on technical analysis, global political developments and comprehensive market research in the gold market forecasts below. Learn how to purchase gold at the higher price in uptrend market and avoid losing money due to the wrong entry point. Our gold forecase provides you with the right signals at the right time.
Gold futures are trading in a relatively stable performance with a bearish bias as gold moved towards the $1,776 support level before settling around $1,782 as of this writing.
Amid a temporary halt in the gains of the US dollar, gold found the opportunity to achieve gains yesterday, but they did not exceed $1794, instead settling again around $1775 as of this writing.
Gold markets rallied initially to break above the $1800 level but gave back the gains and now looks absolutely anemic after Jerome Powell suggested during his congressional testimony on Tuesday that “transitory” is not a word he would use to describe inflation anymore.
The price of gold has been trying to recover to stabilize above the psychological resistance of $1800, which may give the yellow metal the impetus to move higher to avoid selloffs.
After selling off due to the recovery of the US dollar, the gold price fell to the support level of $1778, but with the emergence of the new variant from South Africa, European countries re-imposed restrictions, despite the strong vaccination rate.
Gold markets initially rallied on Friday but gave back gains as the World Health Organization held an emergency meeting due to the South African COVID variant.
Gold prices closed slightly higher after a four-session decline, despite the rise of the US dollar and a group of US economic reports that were mostly positive.
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