Affiliate Disclosure
Affiliate Disclosure adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

Gold Forecast: Looks to Recover as Momentum Returned

In the short term, the momentum generated suggests a continuation of the ongoing rally. However, the long-term trajectory remains shrouded in uncertainty, contingent on further developments and external influences. 

  • Gold exhibited a notable resurgence during Friday's trading session, further solidifying the recovery that was initiated late on Thursday. The emergence of a hammer candlestick on Thursday provided the initial inkling of a forthcoming market turnaround.
  • It's worth highlighting that the Thursday candlestick made contact with the crucial 200-Day Exponential Moving Average (EMA) before witnessing renewed interest from buyers. Beneath this technical indicator lies robust support, extending all the way down to the $1900 level.
  • Therefore, maintaining a position above this critical threshold is expected to sustain buyer activity and sentiment.

Top Forex Brokers


    However, the prospect of breaching the $1900 level bears considerable implications, potentially ushering in a wave of selling pressure and pushing the price of gold toward the $1800 level. Nevertheless, the prevailing market sentiment leans toward the less likely scenario of such a breakdown. Gold, much like its counterpart silver, has largely adhered to a range-bound pattern. The pivotal variable to monitor in this context is interest rates, a factor historically exerting downward pressure on gold's value. Yet, the current landscape suggests that gold's performance is subject to influence not only by interest rates but also by fluctuations in the US dollar.

    The Market Currently Finds Itself in a Phase of Self-discovery

    A mere $15 above the current level resides the 50-Day EMA, a point likely to serve both as a target and a potential resistance level. A successful breakthrough above this barrier could set the stage for a move toward the psychologically significant $2000 level. This point often serves as a focal point for substantial options trading activity. Beyond this juncture lies the tantalizing prospect of advancing toward the $2100 level. Presently, the market grapples with the task of charting its course, teetering between the possibilities of remaining within its established range or breaking free.

    In the short term, the momentum generated suggests a continuation of the ongoing rally. However, the long-term trajectory remains shrouded in uncertainty, contingent on further developments and external influences. The market currently finds itself in a phase of self-discovery, as it endeavors to ascertain its future direction. While the short-term outlook appears favorable for the continuation of the rally, the broader question of a potential breakout from the established range lingers in the background. Ultimately, gold's journey unfolds in response to an evolving landscape, with various factors vying for influence and shaping its path.


    Ready to trade our Gold price forecast? We’ve made a list of the best Gold trading platforms worth trading with.

    Christopher Lewis
    About Christopher Lewis

    Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.


    Most Visited Forex Broker Reviews