Gold Price Forecast – Gold Markets Continue to Hover

Gold Price Predictions Video for 03.01.23

Gold Market Technical Analysis

Gold markets were closed in the futures pits on Monday, but according to the CFD markets it looks like we are going to see more of the same. We are simply chopping around the $1825 level, and of course we are hanging around in the channel that we had been in. The 50-Day EMA is trying to turn around and break above the 200-Day EMA, so I think at this point in time the “golden cross” could have people jumping into this market as well. Quite frankly, I think that if we do get a little bit of a pullback, then it makes quite a bit of sense we would see buyers jumping into the market to show signs of life.

On the other hand, we could break above the $1850 level, opening up the possibility of a move to the $1875 level. The $1875 level being broken to the upside could open up a move to the $2000 level. The market will continue to favor wealth protection, which could open up the idea of gold going higher. If we do dip from here, I think there should be plenty of buyers all the way down to at least the moving averages. Anything below there could shock the markets back down to the $1700 level, but I don’t anticipate that happening anytime soon.

That being said, keep in mind that the markets are going to be rather thin as far as volume is concerned, at least until we get the jobs number on Friday, perhaps even into the next week. Ultimately, I do believe that the market will have to figure out where we are going to go for a bigger move, so I think ultimately it’s a situation where you’re looking for value and trying to take advantage of it.

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