Gold Price Forecast – Gold Markets Attempt to Stabilize

Gold Price Predictions Video for 07.02.23

Gold Market Technical Analysis

Gold markets have tried to stabilize a bit during the trading session on Monday, after a brutal selloff on both Thursday and Friday of last week. At this point, gold could be thought of as perhaps being cheap, and therefore I think it’s probably only a matter of time before we would see buyers coming in to try to pick up gold. We don’t necessarily have the technical signal to do so quite yet, but we are sitting near the 50-Day EMA, so there is a potential support level there, but right now I think if you are a longer term bullish on gold, you are waiting to see some type of balance or support of candle to get long. That being said, the market is likely to see a lot of noise in this area, but I do think that given enough time we will probably find some certain amount of buying pressure.

That being said, if we were to break down below the 50-Day EMA, then it opens up the possibility of a move down to the 200-Day EMA. Ultimately, I do think that we should see a little bit of follow-through to the downside, but how long that lasts will depend on the overall attitude of markets in general. If we were to break down below the 200-Day EMA which sits at roughly $1800, that would be the end of the uptrend from what I can see. It’ll be interesting to see how this plays out, as gold has certainly been rattled, so there should not be a huge rush to get back in there, but it should be stated that the longer-term outlook for gold seems to be rather strong.

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