Gold Price Forecast – Gold Markets Bounced From 200-Day EMA

Gold Price Predictions Video for 30.06.23

Gold Market Technical Analysis

Gold has plunged during the trading session on Thursday, only to find the 200-Day EMA as support. This is a market that I think given enough time will eventually continue to see a lot of volatility in this area, as we are hanging around the 61.8% Fibonacci level, and the pseudo-trendline. Ultimately, I think this is a market that eventually has to figure out where wants to go for the longer term, and of course we have a lot of noise out there demanding that we will have a lot of volatility. After all, the interest rates in the United States remain very tight, and with that being the case, it does work against the idea of gold. You can get paid double paper, or you can not earn the interest and hold gold, which also has a storage cost.

That being said, gold is a great way to preserve wealth, and a lot of people will be looking at it as such. It is possible that both the US dollar and gold rise at the same time, we have seen that happen multiple times in the past. That being said, the market continues to be very noisy, and I think that will be a main feature of all markets, not just gold. If we can break above the top of the candlestick for the trading session on Thursday, that is technically a signal to start going long, and I think at that point we probably go looking to reach the $1950 level.

The $1950 level has been previous support, so at this point it should be resistance on the way back up. Whether or not that ends up being the case remains to be seen, but obviously it’s an area that will dictate a certain amount of attention. Because of this, the market is one that I am watching, but I do think eventually we will see buyers come in to try to pick up value. If we do not, and break down below the bottom of the Thursday candlestick, forming a daily close below the 200-Day EMA, it’s very possible that we see this market really start to sell off, perhaps reaching down to the $1800 level.

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