Gold Price Forecast – March 7, 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.

Gold continued to rise as expected and overcame the $2171.5 April contract high. The $2171.5 swing high, which is in line with the equal to (1.00) target of the first wave up from $1861.7, held on a closing basis though. Therefore, there is potential for a double top between the $2171.5 and $2172.2 swing highs. Daily momentum oscillators are overbought and the move up is due for a test of support.

However, there are no confirmed patterns or signals that call for a reversal. Therefore, the outlook remains bullish and overcoming $2180 will call for a test of the next major objective and probable stalling point at $2190. The $2190 objective is the smaller than (0.618) target of the primary wave up from $1861.7 and the equal to target of the wave up from $1975.1. A solid test of support is anticipated before sustaining a close above $2190.

Given the potential for a double top and overbought daily momentum oscillators, the odds for a test of support in the coming days have risen. Even so, any move down will likely be a correction and should hold $2135. Settling below $2135 would shift near-term odds in favor of a deeper test of support before the move up continues.

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.