Gold Price Forecast – Gold Markets Attempt to Bounce

Gold Price Predictions Video for 08.09.23

Gold Market Technical Analysis

Gold markets have rallied slightly during the trading session on Thursday, as it looks like we are going to continue to see a lot of noisy behavior. Ultimately, it’s probably worth noting that the market has been stuck between the 50-Day EMA above and the 200-Day EMA below. By doing so, it looks as if the market is going to continue to see a lot of noisy and choppy behavior, but it’s also worth pointing out that as long as we stay above the 200-Day EMA, we are still technically in an uptrend. Underneath there, we have the $1900 level, which I do think offers a significant support level. Because of this, I think you get a situation where traders will continue to look at this through the prism of perhaps offering value, but you also need to keep in mind that there are some external factors out there worth paying attention to.

The first one of course is going to be the interest rate situation in the United States, because if they start to rise again, that does work against the value of gold. Furthermore, you also have to pay attention to the US dollar, but that correlation tends to come and go from time to time, so we will have to wait and see how that plays out.

If we were to break down below the $1900 level, that would be extraordinarily negative, perhaps opening up a drop down to the $1800 level, but it does look like we are at least trying to fight back for the uptrend and if we can take back the 50-Day EMA, then it’s possible that the market maker looking to the $2000 level after that. The $2000 level of course is going to be a large, round, psychologically significant figure that a lot of people will pay close attention to, and of course there are probably going to be large options barriers.

If we can clear that, then gold has a real shot at going to the $2100 level, but we will have to wait and see how that plays out, and I don’t necessarily think that it is going to be something that happens easily, as we continue to see plenty of volatility in the markets.

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