Gold Price Forecast – Gold Markets Continue to Find Buyers on Dips

Gold Price Predictions Video for 04.04.23

Gold Market Technical Analysis

Gold markets have kicked off the trading week by falling rather significantly, showing signs of weakness. However, we turned around rather quickly to show signs of life almost as soon as the Europeans came back on board. At this point, the market looks as if the $2000 level will continue to offer a significant amount of psychological resistance, so it would not surprise me at all to see this market struggle in the short term. If we can break above there, then the market may be looking toward the $2020 level, where we had pulled back from recently.

Keep in mind that gold has been rather strong as of late, so it does make a certain amount of sense that we would see the market try to consolidate, especially as we are so close to such a major big figure. With that being the case, it’s likely a situation where we are trying to figure out whether or not we can break above that recent high, and if we can it’s likely that we could go to the $2050 level, followed by the $2100 level.

If we break down below the lows of the day, then we will almost certainly test the $1950 level, which is an area that should be somewhat supported. If the market were to continue to see a lot of noisy behavior here, then it does suggest that perhaps we are going to consolidate. That consolidation is something that I would expect, as we are a bit overstretched, and of course a lot of options barriers are probably found in this general vicinity also.

Make sure you are cautious with your position size because volatility will continue to be a major issue in most markets, but that’s part of what’s been driving gold higher, so therefore I have no interest in shorting, at least not anytime soon, as most traders are using gold to protect wealth overall and what seems to be a very uncertain time for the global economy. At this point, it comes down to finding a bit of value and cheaper pricing on something that’s obviously very bullish.

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