Gold Price Forecast – Gold Markets Continue to See Support

Gold Price Predictions Video for 16.05.23

Gold Market Technical Analysis

The market has shown a bit of support, as it looks like we continue to see buyers come in just above the $2000 level. Whether or not that ends up being the case longer-term remains to be seen, but it certainly looks as if gold has a lot of interest around it. Because of this, it remains a “buy on the dips” scenario and probably continues to be so for the foreseeable future. The 50-Day EMA underneath continues to offer support as well, near the $1985 level. If the 50-Day EMA continues to slant to the upsside it could offer a bit of a dynamic support level, almost like a trendline.

To the upside, the $2050 level will be significant resistance, and then after that I think we probably go looking toward the $2100 level. The $2100 level being broken to the upside would be extraordinarily bullish, opening up the possibility of a move of more of the “buy-and-hold” type of situation.

If we break down below the 50-Day EMA, the $1950 level would be a potential support level, and then after that you would have the $1900 level. The $1900 level is a large, round, psychologically significant figure that a lot of people would pay close attention to, and of course we have the 200-Day EMA coming into the picture. Ultimately, gold is a market that I have no interest in shorting, because there are a lot of concerns out there that will come into the picture as people will be more concerned about protecting their wealth and anything else at this point, as the global economy looks to be a bit of a mess.

With this being the case, it’s not until something fundamentally changes that I will be shorting gold. Expect choppy volatility, expect the occasional massive selloff, but expect plenty of people willing to come in and pick up bits and pieces of value in gold when they get the opportunity. With this, market participants continue to look for value, and then take advantage of the opportunities as they occur in what has been a very strong uptrend.

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