Gold Price Forecast – Gold Markets Continue to Probe Support

Gold Price Predictions Video for 22.06.23

Gold Market Technical Analysis

Gold markets fell again during the trading session on Wednesday, as it looks like we are probing the lower ends of the recent support. If we do pull back from here, then we could see the 61.8% Fibonacci level tested, which ties in very nicely with the 200-Day EMA as well. Ultimately, this is a market that I think continues to see a lot of noisy behavior and, therefore, will be difficult to hang onto, but at the end of the day, it’s obviously a situation where we have a lot of buyers underneath. The 200-Day EMA, of course, is an indicator that a lot of people pay close attention to, and therefore it’s likely that the market will continue to see buyers given enough time.

That being said, market participants will continue to look at this through the prism of value, and therefore I think we have a situation where the market remains “buy on the dip” for no other reason than the fact that people will be looking to protect wealth. At this point, the market also has the 50-Day EMA above the candlestick from the Tuesday candlestick, which offers a bit of resistance. If we were to break above the 50-Day EMA, the market opens up the possibility of moving to the $2000 level. Breaking above that level opens up the possibility of the market going toward the $2050 level, which is a large, round, psychologically significant mid-century mark, but also where we start to see a lot resistance that extends all the way to the $2100 level.

The $2100 level above is an area where we have seen a triple top in the past, so it does make a certain amount of sense that it will be difficult to get above there. If we do, then gold suddenly becomes a “buy-and-hold” type of market, which is a massive amount of FOMO just waiting to happen. At this point, I don’t have any interest in shorting gold, but if it gives up the $1900 level, then it’s possible that we could see the entire trend reversed, leading to much lower pricing in gold.

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