Gold Price Forecast – Gold Markets Continue to Rip Higher

Gold Price Predictions Video for 06.04.23

Gold Market Technical Analysis

Gold markets have rallied a bit during the trading session on Wednesday, as we are now starting to rip in an impulsive move. That being said, it’s worth noting that the gold market has gotten a little bit more of a boost recently as economic numbers in the United States continue to suggest that the economy is slowing down. Traders are jumping in front of a recession, as they believe that the Federal Reserve is going to be forced to cut interest rates sooner than they have been stating. If that is going to be the case, then it’s likely that we would see gold continue to get a boost as the US dollar takes a bit of a beating.

At this point, it looks like gold could very well go looking to the 2100 level, which of course is an area that is a large, round, psychologically significant figure, and therefore it opens up the possibility of a little bit of a pause in that area, but I think at this point in time it’s likely that we will continue to see plenty of bullish pressure as long as the economic situation continues to crumble.

At this point, it’s probably more about the idea of the economy slowing down and protecting wealth than anything else, as we continue to see gold fly in the face of everything else. Ultimately, it looks as if the $2000 level underneath will be a major support level, as it is not only psychologically important, but an area that was a bit of a magnet for price as we went back and forth multiple times.

It’s obvious that we are in a bullish market, so there’s really no reason to try to fight that at this point. We are a little bit overdone at the moment, but the gold markets do tend to be very impulsive at times. A short-term pullback makes a lot of sense as it could give us a little bit of a breather and the ability for more buyers to step into the market, but at this point it looks like this is a one-way trade in general. Clearly, Gold will continue to see plenty of buying pressure, but it’s worth noting that on the longer-term charts there is still a little bit of noise above, so that may also help facilitate that pullback.

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