Gold Monthly Forecast: July 2024 (Chart)
Date
6/30/2024 2:35:35 PM
(MENAFN- Daily Forex)
Gold markets have been very noisy during the month of June, as we continue to test a major support level. As I write this article, we are currently testing the crucial $2300 level. That being said, this is a market that is either going to end up seeing quite a bit of consolidation, or we could see a major move. Paragraph if we were to break down below the $2280 level, then it's likely that we could go down to the $2150 level. That's where we have the 50-We EMA, which of course is rising, and it shows that we probably have quite a bit of buying pressure just waiting to jump into this market.
On the other hand, if we were to turn around and break from here, I think we could go looking to a move to reach the $2350 level. Breaking above there opens up the possibility of a move to the $2400 level, which is the top of the recent consolidation range. I think it makes a lot of sense that we continue to bounce around in the gold market , as gold has plenty of reasons to see quite a bit of momentum and interest in this market.
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Keep in mind geopolitics will continue to be a major issue, and therefore it's very possible that we could get a lot of traders jumping into this market, trying to find some way to save their wealth. All things being equal, gold will also continue to be interesting due to the fact that there are a lot of questions now betting that there will be major interest rate cuts coming. If that's going to be the case, then lower interest rates could drive up gold higher.
Even if we do break down from here, then it's likely that we will find plenty of buyers underneath. With that being the case, the market is likely to be a“one-way trade”, it just comes down to whether or not you are a buyer of gold in this general vicinity, or perhaps at lower levels near the $2150 level. Either way, I do believe that this is a market that eventually finds more buyers.
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