Gold Price Forecast – Gold Markets Continue to Probe Lower

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Published: Jun 22, 2023, 14:19 GMT+00:00

Gold markets have fallen on Thursday as we continue to probe lower. Alternatively, this is a market that has been beaten up pretty significantly as of late, but still has some support sitting underneath.

Gold Price Predictions Video for 23.06.23

Gold Market Technical Analysis

Gold has fallen early on Thursday as we continue to see downward pressure. That being said, there is still an area of confluence that the market may be paying close attention to. This is near the $1900 level and the 200-Day EMA, which also features the 61.8% Fibonacci retracement level. Because of this, some technical traders will be looking to pickup value, but we need to see interest rates cool off a bit, and the bond market chill out. Furthermore, we need to see the US dollar also start to sell off. I think the next couple of days will be very important for the gold market, so the next move could be something that you have to pay close attention to.

Either way, you do not want to jump “all in” with this market, as it does tend to be very volatile. At this point, I’m going to wait to see whether or not we can hold the 200-Day EMA to start getting more bullish, because if we give that up, then a lot of technical traders will start shorting. Furthermore, we could see a big run into the US dollar, which obviously would influence this market. With that, I think we’ve got a scenario where you are probably better off letting the rest of the world try to sort it out first before getting into a new position. That being said, if we were to turn around and take out the 50-Day EMA above, it would be a huge confidence boost, sending fresh money flying into this market.

Another thing to consider is that we are between the 50-Day EMA above and the 200-Day EMA below. When we trade between these 2 moving averages, that typically means there’s a bit of volatility happening as well, so I think choppiness continues to be a major feature of this market and therefore it screams that you need to be reasonable with your position sizing in this uncertain time for the gold market. Unfortunately, volatility is going nowhere at the moment.

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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.