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Gold Price Outlook – Gold Continues to See Support Despite Pullback on Thursday

By:
Christopher Lewis
Published: Oct 31, 2024, 13:25 GMT+00:00

The gold market continues to see a lot of noisy behavior, but at this point in time, the market looks as if it is going to continue to see buyers on each dip. Also, this is a market that will have to pay attention to the Non-Farm Payroll numbers on Friday, which of course could cause a lot of noisy behavior.

In this article:

Gold Markets Technical Analysis

Gold markets continue to look a bit bullish as we are pulling back slightly during the early hours on Thursday, but really nothing of consequence when it comes to resistance, but it also was a bit of a target with a bullish flag that had formed previously. Furthermore, I think that there are plenty of reasons for gold to continue going higher, and that has not changed.

However, keep in mind that Friday will be the non-farm payroll announcement, so we could get a lot of volatility. Quite frankly, I would love to see gold drop on Friday so I can buy it again at a lower price in this asset. After all, we have had a major move higher, as the market continues to look at so many various issues.

The $2,700 level underneath is a significant support level. And then after that, you have the 50 day EMA, which is right around the $2,630 level. There’s nothing on this chart that even remotely suggests you should consider shorting gold. And quite frankly, at this point in time, I think we not only reached the $2,800 level, but I think we reached 3,000. The geopolitics around the world continues to be a major driver, but also, we have central banks around the world buying gold while they’re cutting rates, so it all lines up for potentially higher prices in gold.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Christopher Lewis is an experienced trader that specializes in technical analysis and markets prediction. Chris has over 20 years of experience across a wide variety of markets and assets - currencies, indices, and commodities.

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