Gold Price Forecast – Gold Has a Quiet Tuesday

Gold Price Predictions Video for 29.03.23

Gold Market Technical Analysis

Gold markets have been very noisy during the trading session on Tuesday, but also look stable after the selloff during the trading session on Monday. The $1950 level underneath looks like support, and therefore it’s likely that the market continues to go back and forth in this general vicinity. If we turn around and rally from here, then it’s likely that the market could test the $2000 level again. The $2000 level is obviously a large, round, psychologically significant figure, and an area that would attract a lot of attention from headlights.

In fact, we have seen the market pullback from the $2000 level quite drastically, and therefore it’s likely that we will continue to see that as a bit of a short-term ceiling. However, if we were to break above the $2000 level, then it allows the market to go towards the $2050 level, possibly even the $2100 level after that.

If we turn around and break down below the $1950 level, then it opens up the possibility of a move down to the $1900 level. That obviously is a large, round, psychologically significant figure, but it is also worth noting that the 50-Day EMA sits just below that level and is rising. It’s more likely than not going to be a situation where traders pay close attention to the indicator as it typically does, and it could have quite a bit of influence if we get down there. That being said, I think it’s much more likely that we just bounce from here, especially as there are a lot of concerns about wealth preservation out there, that typically does favor gold.

Furthermore, the market is likely to continue to see a lot of movement around the interest rate markets that will continue to be focused on closely. Alternatively, this is a situation where the US dollar strengthening could cause some issues, but I don’t necessarily think that’s going to be a serious problem. After all, the US dollar and gold can rise at the same time, just as it did in the 1980s. That being said, the market is more likely than not going to be noisy to say the least.

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