Gold Price Forecast – Gold Markets Attempt to Recover on Friday

Gold Price Predictions Video for 26.06.23

Gold Market Technical Analysis

Gold markets have bounced ever so slightly during the day on Friday, as the 61.8% Fibonacci retracement has offered some support during the day. Just underneath there, we have the 200-Day EMA, and therefore there’s likely plenty of support underneath that a lot of people will be paying attention to. After all, we have to worry about the global slowdown, so some people will be using gold as wealth preservation at this point.

Furthermore, we have seen a lot of negativity in this market over the last couple of weeks, and therefore we have seen a bit of a flush in the market, so therefore a lot of value hunters will probably continue to come into this market. On the other hand, if the market were to continue rallying, the $1950 level is an area that we could see interest in, especially as it was near the previous support level and therefore there should be a significant amount of buying pressure just waiting to happen. That being said, though, if we were to break down below the 200-Day EMA, we would not only give up the 61.8% Fibonacci level, but a major indicator of the overall trend.

At that point, we would probably see this market go down to the $1800 level, and therefore it’s likely that we will see a massive flush if we were to break down below the 200-Day EMA. If we can turn around and take out the 50-Day EMA to the upside, then it’s possible that the market could go much higher, perhaps taking out the $2000 level, maybe even the $2050 level.

With this, it would more likely than not have some type of change in the value and strength of the US dollar, but at this point, it seems very likely that the US dollar will continue to cause all kinds of headaches, but keep in mind also that if the market were to go higher, the US dollar does not actually have to fall with it, it can be a complete run to safety in times of panic as well, and at this point I think it’s probably likely that we continue to see noisy behavior more than anything else.

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