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

Gold Price Predictions Video for 01.03.23

Gold Market Technical Analysis

Gold markets have fallen a bit during the trading session on Tuesday to test the 200-Day EMA, an indicator that a lot of people will be paying close attention to. Ultimately, we have turned around and broke to the upside, showing signs of life as we could go looking towards the 50-Day EMA. The $1830 level has been tested, and now the $1850 level could be a technical target, especially as the 50-Day EMA is right in that same vicinity.

However, if we break down below the 200-Day EMA, that it’s possible that we could go down to the $1800 level. If we break down below the $1800 level, then it’s likely that we could go down to the 61.8% Fibonacci level, currently sitting right around the $1750 level, which has been important in the past. Breaking down below that opens up gold falling apart, perhaps all the way down to the $1620 level where the move had happened.

Ultimately, this is a situation where gold has been influenced greatly by interest rate markets, as they of course have a major influence on where the US dollar and the gold markets both go. Keep in mind that gold has been very volatile over the last several weeks and has pulled back quite drastically. At this point, we are going to have to make a bigger decision as to where we are going over the longer term. Be cautious with your position size, because I do think that it is only a matter of time before we get a bigger move one direction or the other.

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