Gold Price Forecast – July 3, 2024

Gold Technical Analysis and Near-Term Outlook

This is a brief analysis for the next day or so. Our weekly Metals Commentary and daily updates are much more detailed and thorough energy price forecasts that cover key COMEX precious metals futures contracts and LME Non-Ferrous (Base) metals, spot gold, the gold/silver ratio, and gold ETFs. If you are interested in learning more, please sign up for a complimentary four-week trial.

For the past few weeks, August gold has held the $2308.7 confirmation point of a double top that formed around $2474 on a closing basis. Furthermore, a double bottom around $2304 formed, and today’s move up implies that a test of the $2383 confirmation point of the pattern will be tested. Settling above $2383 will warn that a the move down from $2477 is complete and open the way for a test of $2402 and higher in the coming days. The target of the double bottom is $2462. The connection to $2462 is made through $2412 and $2435.

That said, each time the move up has been poised to extend in recent weeks the move up has failed and prices have fallen to challenge recent lows. Today’s move up also held the $2373 equal to (1.00) target of the wave up from $2304.7. Should prices fall and take out $2348 look for a test of key near-term support at $2328. settling below $2328 will put the near-term odds in favor of $2298 and lower.

Published by

Dean Rogers, CMT

Dean Rogers, CMT is the general manager of the Kase Call Center in Albuquerque, New Mexico. He oversees all of Kase and Company, Inc.’s operations including research and development, marketing, and client support. Dean began his career with Kase in early 2001 as a programmer but has developed into Kase’s senior technical analyst. He writes Kase’s award-winning weekly Crude Oil, Natural Gas, and Metals Commentaries. He is an instructor at Kase's classes and webinars and provides all of the necessary training and support for Kase's hedging models and trading indicators for both retail and institutional traders.