Gold Price Forecast – Gold Markets Continue Recovery

Gold Price Predictions Video for 18.09.23

Gold Market Technical Analysis

Gold rallied a bit during the trading session on Friday, as it looks like the recovery that started late on Thursday continues to build up momentum. The hammer though formed on Thursday was the first sign that we were going to turn around, but it’s also worth noting that the Thursday candlestick touched the 200-Day EMA before buyers stepped into the market yet again. Underneath the 200-Day EMA we have massive support down to the $1900 level, so I think all things being equal, we will continue to see buyers in this market as long as we can stay above there.

If we were to break down below the $1900 level, then it opens up significant selling, perhaps driving gold down to the $1800 level. All things being equal, I just don’t see that happening though, because gold has been range bound, just like it’s cousin silver. At this point, we have to pay attention to interest rates, which of course works against the value of gold, but occasionally interest rates in the US dollar will decouple from the gold market, and it seems as if that’s what’s going on at the moment.

The 50-Day EMA is about $15 above, and therefore it’s likely that the market will continue to see that as a potential target, perhaps even a bit of a barrier. If we can break above that level, then the $2000 level after that becomes a target as it is a large, round, psychologically significant figure, and of course an area where a lot of options action will occur. Anything above there opens up the possibility of a move to the $2100 level. In general, this is a scenario where the market is trying to sort itself out, but right now it looks like they are going to try to figure out whether or not we are going to remain range bound, or if we are going to finally break out of it. In the short term, I think we’ve got a scenario where the rally continues, at least in the short term. As far as the long-term is concerned, there are still quite a few questions to ask as to whether or not we can break out of this range.

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