Gold Price Forecast – May 30, 2024

Gold Technical Analysis and Near-Term Outlook

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August gold is struggling to take out support around $2346 and today’s doji warns that the move down from $2477 may be complete. However, a double top around $2474, last week’s bearish engulfing line, confirmed daily bearish KasePO, KaseCD, RSI, Stochastic, and MACD divergences, and a sustained close below the 62 percent retracement of the rise from $2308.7 imply a deeper test of support should still take place. Closing below $2346 will call for $2329 and then a test of the $2309 smaller than (0.618) target of the largest wave down from $2477.

Nevertheless, the move down has been lackluster after last week’s decline from $2477. One could also make a case for a double bottom around $2347. Should prices rise tomorrow and overcome the 38 percent retracement of the decline from $2477 at $2394 look for a test of $2410 and possibly key resistance at $2426. This is the 62 percent retracement of the decline from $2477. Therefore, settling above $2426 would strongly imply that the move down from $2477 is a completed correction of the long-term uptrend.

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.