Gold price forecast near term in the technical arena

In the technical arena, gold’s 20-day moving average is trending upward toward $2,328, reinforcing the bullish tilt in gold price forecast near term if price closes above the moving average for three consecutive sessions. Nonfarm Payrolls (NFP) could ramp up market volatility on Friday. Following the past few months’ dismal readings, another disappointing NFP print could reaffirm a Fed rate cut in December and weigh heavily on the USD and US Treasury bond yields. Central banks—particularly in emerging markets—have increased the pace of gold purchases roughly fivefold since 2022, when Russia’s foreign-currency reserves were frozen following its invasion of Ukraine. “We view this as a structural shift in reserve management behavior, and we do not expect a near-term reversal,” Thomas writes. “Our base case assumes that the current trend in official sector accumulation continues for another three years.” Bank research desks reference the current gold-silver ratio at 82, slightly below the yearly average, suggesting potential pair-trade adjustments that could feed into bullish gold price forecast near term scenarios.