Gold Price Forecast – Gold Markets Continue to Look for Buyers

Gold Price Predictions Video for 17.02.23

Gold Market Technical Analysis

Gold markets have gone back and forth during the course of the trading session on Thursday, as we are hanging just below the $1850 level. Ultimately, this is an area that I think a lot of people will pay close attention to, and I would also look at the $1825 level underneath as a potential support level. After that, we have the 200-Day EMA that sits at the $1808 level, which of course is something that a lot of people will be paying close attention to as it is a major indicator for trend.

If we were to break the $1800 level, then I think the gold market is in serious trouble. When you look at the past couple of weeks, we have seen quite a bit of selling pressure, initially with 2 huge red candlesticks, followed by a bunch of inverted hammers. In other words, gold just simply has no interest trying to get involved in. If we turn around and break above the $1900 level, that would clear a lot of negativity and perhaps open up the possibility of gold going back to the highs.

Nonetheless, I think we got a situation were sooner or later we’re going to try to go back and forth and build a bit of a base. I don’t think we’re there yet, especially as the US dollar continues to show signs of strength. As long as the greenback shows strength, then it’s likely that gold will continue to struggle, especially if we end up getting some type of bullish behavior on yields as well throughout the bond markets.

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