Gold Price Forecast – Gold Markets Attempt To Break Out

Gold Price Predictions Video for 27.11.23

Gold Market Technical Analysis

Gold markets rallied a bit during the trading session on Friday, as we continue to threaten a breakout to the upside. That being said, we still have a lot of noise just above and I think gold will have a hard ceiling just above that could continue to be a bit of a barrier. That being said, if we make a fresh, new swing high, then it opens up the possibility of a move to the $2100 level.

On short-term pullbacks, I think there are still plenty of buyers underneath just waiting for it to happen and get involved in the market, especially as the 50-Day EMA sits underneath, and is rising at a 45° angle. That signifies that the market has plenty of momentum, but it’s not overly done. I think a lot of what we are seeing now is a question being asked of the interest rate markets, and therefore we need to pay close attention to whether or not they rise or fall. Typically, where interest rates go, gold goes in the other direction.

Short-term pullbacks should be a buying opportunity, and I think a lot of people will look at that as an opportunity to pick up “cheap gold.” Underneath, the market will continue to see a lot of volatility, but I do think at this point in time gold is trying to make a move based upon not only interest rates, but the geopolitical issues that we face around the world. After all, it is a way to preserve wealth, and I think a lot of people will use it as such in the next several weeks.

It’s not until we break down below the 200-Day EMA underneath that I would consider shorting this market, and we have a long way to go before that happens. With that being the case, I do think that you are simply buying on the dips going along the next several weeks, and eventually we will get that breakout. If we don’t, then we could just consolidate between now and the end of the year. That being said, it still looks like the buyers are in control overall.

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