Gold Price Forecast – Gold Continues to See Buyers

Gold Price Predictions Video for 06.07.23

Gold Market Technical Analysis

Gold markets have had a bullish open on Wednesday, as it looks like we are going to try to continue to go higher. All things being equal, this is a market that I think continues to see a lot of noisy behavior, but I do think that it is probably only a matter of time before we recover. The 50-Day EMA will continue to be a significant target, and perhaps significant resistance on any attempt to break out. If we do get above the 50-Day EMA, then it’s possible that the market could go looking to the $2000 level. The $2000 level of course is a large, round, psychologically significant figure, and an area that I think a lot of people will be paying close attention to.

If we were to turn around and break down below the 200-Day EMA, then it’s possible that gold could start to break down toward the $1800 level. It’s also worth noting that the 200-Day EMA is hanging around the $1900 level, which of course is a large, round, psychologically significant figure, and also features the 61.8% Fibonacci level. In other words, there are a lot of things going on in the same area that could come into the picture. Ultimately, I think we have to look at this through the prism of trying to find value, as it appears that the gold market is finally turning around for a bigger trade. The 200-Day EMA has offered a nice bounce, and that of course is something that we like to see.

Ultimately, interest rates around the world have been climbing, but it’s also possible that gold is going to rise due to people being overly concerned about the global economy. It is being used as a way to preserve wealth, and therefore I think gold continues to see the opportunity to be a “buy on the dips” type of market. I’ve no interest in shorting gold anytime soon, but if we do get a move lower below the 200-Day EMA, then it’s possible that I might take a short-term selling position, but we will have to wait and see whether or not that presents itself.

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