Gold Price Forecast – Gold Markets Bounce From the 50-Day EMA

Gold Price Predictions Video for 15.02.23

Gold Market Technical Analysis

Gold markets have gone back and forth during the trading session on Tuesday, as we are hanging around the 50-Day EMA. At this point, the market looks as if it is going to continue to see a lot of noisy behavior, but if we break down below the bottom of the candlestick, then it’s likely that we could drop down to the 200-Day EMA near the $1800 region. The $1800 region of course is a large, round, psychologically significant figure, and an area that we need to pay close attention to. I think a lot of traders would be interested in picking up value in that area.

On the other hand, if we do rally from here, keep in mind that there was a nasty amount of selling pressure near the $1900 level last week, and it’s likely that we would see selling pressure on any rally from here. If we do break above there, then it’s likely that we could go much higher, perhaps reaching to the $1950 level. However, it’s worth noting that we had a massive selloff previously, in those types of moves very rarely happen in a vacuum.

Because of this, I think rallies have to be looked at with suspicion, at least until we can break above that string of inverted hammers. In the meantime, I would anticipate that we would see a lot of sideways action, and therefore a lot of volatility on short-term charts. Be cautious with your position size, but we should have a nice break out of this range sooner or later, therefore we can start to add to our position and really get aggressive.

For a look at all of today’s economic events, check out our economic calendar.