Superior broker technology provider since 2010
+1 (315) 675 1086 |

Gold Forecast: Consolidates Amid Juneteenth Holiday


It is crucial to consider the relationship between gold and the US dollar, as they often exhibit a negative correlation. 

  • Gold experienced a slight decline during Monday’s trading session, although it is important to note that it coincided with Juneteenth, a major holiday in the United States.
  • Consequently, a significant amount of liquidity was likely absent from the market.
  • Currently, gold remains within a range, with the $1950 level serving as a notable area of interest, along with the $2000 level above.

brokers-we-recommend Forex Brokers We Recommend in Your Region

See full brokers list see-full-broker


The 50-Day Exponential Moving Average sits within the consolidation area, exerting influence on price action. Additionally, the market is paying attention to the 50-Day EMA, which provides a certain level of support. Gold’s trajectory will continue to be influenced by central banks, resulting in heightened volatility. The interest rate markets, in particular, play a significant role, as rising interest rates can occasionally work against gold’s value. However, gold also serves as a store of wealth, particularly during periods of global growth concerns and inflationary pressure that central banks strive to address.

It is crucial to consider the relationship between gold and the US dollar, as they often exhibit a negative correlation. The Federal Reserve’s decision to pause its interest rate hike cycle could potentially attract buyers to the gold market. Consequently, shorting gold in the current environment may prove challenging, leading to a focus on identifying buying opportunities during minor dips.

Given the summer market conditions, it would not be surprising if gold remains range-bound in the near term. However, even if a breakdown occurs from last week’s low, the 61.8% Fibonacci level and the 200-Day EMA are likely to provide support, adding further significance to those levels.

Looking at the market, gold is currently consolidating, with minor declines observed during Monday’s trading session. The Juneteenth holiday in the United States affected market liquidity. The metal remains within a range, with the $1950 level and the $2000 level serving as areas of interest. Technical factors, such as the 50-Day EMA and the 200-Day EMA, play a crucial role in shaping price action. Central bank decisions and the interplay between gold and the US dollar add further complexity to the market. As summer markets tend to be relatively quiet, range-bound trading is expected. In this environment, shorting gold is challenging, and instead, traders will seek buying opportunities during small dips. Even if a breakdown occurs, key technical support levels, including the 61.8% Fibonacci level and the 200-Day EMA, are likely to come into play.

GoldReady to trade our Gold forecast? We’ve shortlisted the most trusted Gold brokers in the industry for you.


Leave a Reply

Your email address will not be published. Required fields are marked *

YourOwnBrokerage is a leading Technology & Business Consulting firm with a specialized focus in Fintech industry.

RISK WARNING: Trading products are highly speculative in nature and carries a significant level of risk which may not be suitable for all investors. Please ensure you fully understand the risks involved and only invest money you can afford to lose. Seek advice from an independent adviser if at all unsure as to the suitability of investing in such instruments.

The content of this website must not be construed as personal advice. We recommend that you seek advice from an independent financial advisor.

The information on this website is not directed to residents of certain jurisdictions where such distribution or use would be contrary to local law or regulation.

© 2009 - 2024 All Rights Reserved.