Gold Price Forecast – Gold Markets Continue to Consolidate Above the Trend Line

Gold Price Predictions Video for 28.06.23

Gold Market Technical Analysis

Gold markets have gone back and forth during the trading session on Tuesday, showing signs of strength in a very small range. Ultimately, the market is trying to find its footing and perhaps continue to hang into the uptrend line. Keep in mind that the 200-Day EMA is sitting just below the trendline, so I do think that there is a lot of support just waiting to come into the picture. If we can take out the $1950 level, it’s very likely that gold will continue to go much higher in the futures market and, of course, the CFD market. The market is currently between the 200-Day EMA and the 50-Day EMA indicators, which typically means that we are going to see a bit of volatility. We are at a major point of inflection right now, so it makes sense that we pause and try to sort things out.

I do believe at this point, it’s likely that we will continue to see a lot of noisy behavior, but it is possible that we have found a situation where the market has decided to start trying to build a base to go higher. As long as we stay above the 200-Day EMA, I do think that you have to look at this through the possibility of picking up “cheap gold” in the short term. If we can break above the $2000 level, it’s very likely that we can see an attempt to get back to the highs again. Furthermore, we are hanging about the 61.8% Fibonacci level, an area that a lot of traders like to trade in.

If we were to break down below the 200-Day EMA, then we could drop all the way down to the $1800 level, but I don’t think it’s likely to be the case. In general, I think gold will continue to see a lot of interest, especially as we worry about wealth preservation. That being said, I do think that it’s only a matter of time before we see some type of rally, but I’m also willing to pull the ripcord if we start to fall too quickly.

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