Following Wednesday’s Federal Reserve meeting, the gold market is at a make-or-break moment: if key support at $1,885 can hold over the coming weeks, gold should be set to break to new all-time highs later this year or early 2024. However, if this key support fails, gold will likely not be breaking out until 2025 in the best case scenario. In a worst case scenario, a failure at $1,885 would imply that a long-term top is already in place for the sector.

Following a long-term top, years or even decades of lower gold prices would manifest. It is thus imperative for investors to follow these significant trends that are now being tested.

Let us examine the key support areas to define these tests in the gold market.

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