Gold Price Forecast – Gold Continues to Hover

Gold Price Predictions Video for 19.04.23

Gold Market Technical Analysis

Gold markets have done very little during the trading session on Tuesday, as we are hanging around the $2000 level, which of course attracts a certain amount of headline noise. Ultimately, if we break down below here, then we could look into the 50-Day EMA, which is reaching right around the $1950 level. After that, then we could open up a move down to the $1900 level.

If we turn around a rally from here, then we could go look into the $2050 level, and it is probably worth noting that gold is in a bullish trend. That being said, it’s also worth noting that the area right around $2100 has been extraordinarily resistive in the past, so it does make a certain amount of sense that we are going to struggle to break out above here. Furthermore, we got here rather quickly, so I do think that we’ve got a situation where a pullback makes a certain amount of sense. This allows people to find a bit of value, which of course is what they are always looking for.

It would also not be very surprising to see the market go sideways, as we continue to bounce around, but ultimately I think you’ve got so many different moving pieces out there that could move this market, therefore you would have to assume that there is going to be a certain amount of volatility regardless. Gold can get rather choppy at times, so you don’t necessarily want to go “all in” right away. This is one of the biggest mistakes that retail investors may make, because it doesn’t take much to throw the market in one direction or the other at times.

That being said, I do think that a pullback should be thought of as a buying opportunity, but we will have to wait and see whether or not we have some type of support, and then enough people coming back in to lift the market. The gold market of course has been used for wealth preservation as of late, and I would assume that will continue to be the case going forward. But that being said, I don’t really have any interest in shorting this market, at least not until something fundamentally changes.

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