Gold Price Forecast – Gold Markets Continue to Pressure the Upside

Gold Price Predictions Video for 05.04.23

Gold Market Technical Analysis

Gold markets have rallied a bit during the trading session on Tuesday, as we are now well above the $2000 level in the futures market. It appears that the spot market is trying to come back with it, so it’ll be interesting to see whether or not if we can continue to break out to the upside. Obviously, the $2020 level was an area of resistance the last time we were up there, so it’ll be interesting to see if we can break above there. If we can, then the market goes looking to the $2050 level, and then eventually the $2100 level.

At this point in time, it appears obvious to me that the market continues to see a lot of correlation with interest rate expectations coming out of the United States, so therefore you should pay close attention to whether or not rates are rising or not. Furthermore, you should pay close attention to the Fed Funds Rate markets because they can give you an idea as to where gold may go. Ultimately, the market is in a bullish phase, and I don’t think that it’s going to change anytime soon. Furthermore, you can make a huge argument for the idea that the wealth preservation instincts around the world will continue to be a major driver of this market. Because of this, I have no interest whatsoever in trying to short gold, even if the US dollar starts to take off again.

Underneath, the $1950 level will have a certain amount of psychology attached to it as well, so it could be a certain amount of support. Breaking down below that level then opens up a move down to the 50-Day EMA, which is near the $1912 level and is rising. It’s not until we break down below the 50-Day EMA that you can make an argument that perhaps we are losing the overall trend, something that would take a massive move to the downside. Ultimately, this is going to continue to see an attempt to break out and explode through the overhead resistance that we currently are fighting.

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