Gold Price Forecast – Gold Markets Continue Bullish Pressure

Gold Price Predictions Video for 23.11.23

Gold Market Technical Analysis

Gold markets have rallied during the trading session on Wednesday in early hours, but at this point in time it’s probably going to try to take out the recent highs. If it can, then gold markets will continue to go much higher, perhaps reaching toward the $2100 level.

Underneath, there are plenty of support levels, not the least of which would be the $2000 level that we have seen the market break above and below multiple times, thereby taking some of the efficacy of that level out of the market. With that being the case, I think even if we do break down below it, that doesn’t mean much.

Underneath, the 50-Day EMA is near the $1960 level, and rising. I think that at this point in time, the 50-Day EMA will continue to be an area that people pay close attention to, and then of course we have the 200-Day EMA underneath that is starting to reach toward the most recent swing low. Beyond that, there is also a trendline that previously had been important, followed by a couple of Fibonacci level such as a 38.2% Fibonacci or is a level right around the same area. In short, I believe this is going to be a bit of a “floor in the market”, therefore I think you got a situation where even if we do break down from here, it’s likely that the market will find plenty of buyers.

Pay close attention to the interest rate markets in the United States, due to the fact that the gold market does tend to move in the opposite direction. Furthermore, we also need to pay attention to the value of the US dollar itself, due to the fact that the gold trade is typically used as the “anti-dollar” trade. You can also use the euro as a bit of a proxy for what could be going on in the gold market as well. Regardless, we had recently pulled back, and now it seems like the market is ready to continue its move to the upside of a longer-term standpoint. Regardless, keep in mind that Thursday is Thanksgiving, and therefore it’s likely that futures markets being close will also affect spot.

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