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.
Since the beginning of this week, the price of an ounce of gold has been subjected to sales pushing it towards the level of $1414 support at the time of writing, and last week moved the price of gold to the $ 1453 level, the highest in six years.
Gold markets did very little during the trading session on Monday, as we have recently broken above significant resistance, only to find more resistance after that.
By the end of last week, the price of an ounce of gold reached a resistance level of $ 1453, the highest level in six years, due to increasing pressure on the US dollar, which has an inverse relation with the yellow metal.
The pressure on the US dollar, with the US interest rate cut nearing for the first time in 10 years, drove the ounce of gold price to the $ 1428 resistance level early Thursday, before settling around $ 1420 at the time of writing.
With positive US retail sales figures, contrary to expectations of a larger decline, the gains of the US dollar increased and the price of the gold ounce was pushed
On the gold’s daily chart, it seems clear that the stability of prices for four trading sessions respectively, with gains stopped around the $1427 resistance level, before settling around $1411 at the time of writing.
