Gold Price Forecast – Gold Markets Attempt to Stabilize

Gold Price Predictions Video for 09.05.23

Gold Market Technical Analysis

Gold markets stabilized a bit during the trading session on Monday as we continue to see plenty of buyers on dips. Underneath, we have the $2000 level offering a bit of support, and therefore it’s likely that we have plenty of buyers in that area, and then, of course, the 50-Day EMA near the $1975 level offering significant support as well. Ultimately, I have no interest in shorting this market, and I think that it’s only a matter of time before the buyers come back in and try to take advantage.

Gold of course will be used for wealth preservation, as we continue to see a lot of concerns around the world when it comes to global economic movements, but at the same time it’s a situation where the overall trend will eventually assert itself, and therefore I think it is only a matter of time before buyers come back in and take advantage of cheap gold.

To the upside, the $2100 level is a potential target, but it may take a while to get there. After all, we have seen quite a bit of noisy behavior in general, and therefore I think that we will continue to fight back and forth, but obviously with a bullish over time. After all, this is a market that continues to see a lot of choppy behavior, but at the end of the day the US dollar has taken on the chin, and therefore think that will probably cause issues for anybody trying to short gold.

With that being the case, I think you got a situation where you have to pay close attention to value and take advantage of it as it occurs. I have no interest in shorting gold due to the fact that strong trends like this typically continue to find plenty of buyers and of course there’s a lot of uncertainty out there. With this, the market continues to see plenty of buyers until we get at least of the $1950 level, because if we break down below there then I would pay close attention to the idea of breaking down to the $1900 level. It’s very unlikely that we see that happen anytime soon though.

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