Gold Price Forecast – Gold Markets Calm Down After Massive Swing During Previous 24 Hours

Gold Price Predictions Video for 06.12.23

Gold Market Technical Analysis

Gold markets were relatively quiet on Tuesday, especially considering what they had seen on Monday. Monday was an absolute joke, and quite frankly a day like I haven’t seen since the Great Financial Crisis 15 years ago. Moves like this typically mean that something broke somewhere, but we’re still trying to sort out where that was. A lot of times, you find out long after the fact.

Suffice to say, this is a market that I am a bit leery about putting a lot of money in, and I still like the idea of buying dips, but I don’t know whether or not we have had enough of a dip to get excited about yet. The $2000 level underneath is an area I’d be very interested in, because it is a large, round, psychologically significant figure, and a previous resistance barrier. Ultimately, what I need to see is some type of continuation of the pullback, followed by a bounce. I want to catch the “other side of the V” on some type of bounce back. I certainly don’t want to short this market, because it had been so bullish, and of course the bond markets are such a massive external force.

On the other hand, if we do break above the $2050 level on a daily close, then we may be forced to buy gold at a higher level than I would like, but at this point it’s obvious that caution is the better part of valor. Furthermore, keep in mind that the Friday session features the Non-Farm Payroll announcement, so that is something that we need to pay close attention to. The size of the shooting star from the Monday session almost negates the candlestick formation itself, because it is so large.

I think you need to find value, but I also think that we need a couple of days’ worth of stability and calm behavior in order for people to feel comfortable jumping into new positions. With this, I am probably sitting on my hands for the next couple of days unless I get that bounce, I’m looking for.

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