Gold Price Forecast – Gold Markets Are Very Choppy

Gold Price Predictions Video for 26.04.23

Gold Market Technical Analysis

Gold markets continue to go back and forth during the trading session on Tuesday, as we continue to see a lot of noisy behavior in the markets overall. It looks as if the market is trying to work off some of the excess profit we have seen as of late, and of course the psychology being near the $2000 level probably has come into the picture as well. Ultimately, I think this is a situation where you have to look at the gold market through the prism of just how much erratic behavior there is out there when it comes to risk appetite. Gold is a good proxy for the schizophrenia that the market seems to be suffering from.

The 50-Day EMA underneath continues to be important, and it is starting to race toward the market. That could be your short-term floor in the market that you can take advantage of. With that being the case, I think you need to be very patient about jumping into the gold market, because at this point in time everybody in the market is well aware of what’s been going on in the gold market, so now you are starting to see a lot of the FOMO traders get involved.

If we were to turn around and break down below the 50-Day EMA, then it’s very possible that the market could fall apart, perhaps opening up the possibility of a very steep decline toward the $1900 level. While I don’t necessarily see that happening easily, it is something that is possible regardless. Keep in mind that wealth preservation has been a major driver of what’s been going on with gold, and therefore you need to pay close attention to it.

As long as there are a lot of games being played in the bond market and guessing as to what the Federal Reserve is going to do, I suspect gold will remain very volatile and difficult to hang onto. Nonetheless, the uptrend is most certainly what’s been driving it more than anything else as of late, so it’s difficult to imagine a scenario where I would get overly bearish anytime soon.

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