Gold Price Forecast – Gold Markets Continue to Look for Direction

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Published: Aug 14, 2023, 13:40 GMT+00:00

Gold markets have initially fallen during the trading session on Monday, but it still looks like we are trying to figure out which direction we want to go longer term.

Gold Price Predictions Video for 15.08.23

Gold Market Technical Analysis

Gold markets fell just a bit during the trading session on Monday, but it also looks like we have a bit of support underneath. Because of this, I think it is a situation where we are trying to get back to the 50-Day EMA, near the $1965 level. If we can break above there, then it’s likely that the market could go looking to the $2000 level after that. The $2000 level of course is a very important psychological figure and an area where a lot of options will be sitting on. In other words, it will have a major influence on the market.

On the other hand, if we were to break down below the 200-Day EMA, then it opens up and move down to the $1900 level. Anything below that level opens up a move down to the $1800 level where we had seen a lot of support previously, but I think you have to look at this through the prism of whether or not the US dollar is rising or falling, and of course pay close attention to the bond markets because higher yields will cause some issues for gold. At this point, you should also keep in mind that it’s the dead of summer and the vacation season, so a certain amount of volume is probably missing from the market.

From a longer-term standpoint, central banks out there are big buyers of gold and have been for a while, so that does put a little bit of a floor in the market. Whether or not we can go straight up in the air is a completely different question altogether, but I do think that we have a real shot at grinding higher over the longer term. Nonetheless, if we were to break down below the $1900 level, it could change a lot of things in this market and have people freaking out a bit. Ultimately, I do think that this market will try to go higher, but it will probably be a very slow and grinding slog to the upside. I’m still bullish, but it’s more of an investment than a trade, especially in August.

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

About the Author

Christopher Lewisauthor

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.