Gold Price Forecast – Gold Markets Continue to Look for Buyers

Gold Price Predictions Video for 22.05.23

Gold Market Technical Analysis

Gold markets have rallied initially during the day on Friday, but it looks like we are starting to see hesitation again, as the 50-Day EMA still looms large. Because of this, I am a bit hesitant to start buying gold at this point, but if we were to break back above the 50-Day EMA, I could probably be convinced. Alternatively, this is a market that looks like it is trying to correct after a massive run higher. It’s worth noting that the $2100 region above has been major resistance multiple times in the past, so perhaps we have to pull back in order to build up the necessary momentum to move above there.

Gold had seen a lot of inflows due to a desire for wealth preservation, and while I still think that will probably be the case going forward, it may take a little bit of time before buyers come back and really start to push the market much higher. Underneath, I see the $1900 level as a potential support level, right along with the $1950 level. Furthermore, we have the 200-Day EMA just below the $1900 level that will determine the overall trend. That being said, the market continues to see a lot of buyers, and given enough time we probably have a situation where you have quite a bit of noisy behavior out there just waiting to happen, so I would be cautious about jumping in with big positions.

Eventually, gold will be of value again, especially if the economy starts to take as traders will start to see both the US dollar and gold markets rise in a bid to protect wealth. However, it looks as if there has been a significant amount of profit-taking, so in the short term it might just be a game of “waiting for the opportunity.” A move below the 200-Day EMA would obviously be very negative for gold, and could again see gold markets enter a bear market, but at this point we are far enough away from there that I’m not necessarily thinking along those lines currently.

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