Gold Price Predictions Video for 18.12.23
Gold Market Weekly Technical Analysis
Gold markets initially fell during the week, but after the Federal Reserve and the European Central Bank had meetings, it looks like the interest rate landscape is starting to play itself out. The Federal Reserve looks likely to pivot into cutting interest rates in 2024, and therefore it makes quite a bit of sense that as those rates go down, people are looking to buy gold. The ECB on the other hand has decided to not even think about cutting rates, so this puts more pressure on the US dollar as well, which is also another reason to push gold higher.
Ultimately, this is a market that I think is trying to go much higher, as breaking above the $2050 level would be a good sign, perhaps opening up a move to the $2075 level. Breaking above that level then opens up even further upside in this market, as we will almost certainly see quite a bit of momentum into the market.
All things being equal, thegold marketshould continue to be bullish, but I also recognize that a lot of this is going to come down to the idea of whether or not interest rates are going to continue to fall. If they do, then gold looks really good. Furthermore, the longer-term trend is most certainly to the upside, so I do anticipate a bit of follow-through. In general, I think most traders will be looking for short-term pullbacks in order to join this rally between now and the end of the year. I also believe that 2024 is more likely than not going to see more follow-through.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
More From FXEMPIRE:
- Global Economic Outlook 2024: Soft Landing, Turn of The Global Rate Cycle Balance Fiscal and Geopolitical Risks
- S&P 500 Weekly Price Forecast – Stock Markets Continue to Rally
- AUD/USD Forecast – Australian Dollar Continues to Rally