Gold Price Forecast – Gold Markets Continue to See Upward Pressure

Gold Price Predictions Video for 05.07.23

Gold Market Technical Analysis

Gold markets have done very little during the trading session on Tuesday, as it was Independence Day in the United States. Because of this, you have to take the candlestick with a little bit of a grain of salt, but in the end we have been in an uptrend over the last couple of days and I think you have to understand that not much has changed. In other words, we are in the midst of a recovery, and I think that continues to be the case. With this, keep in mind that gold will continue to be attractive for those who are looking for some type of safety after the recent noise in the markets.

It’s worth noting that we did bounce from the 200-Day EMA, and that of course is something worth paying close attention to. After all, the 200-Day EMA is a widely followed indicator, therefore I think you have to look at that as a potential area where people are finding a bit of value. That being said, we do have some areas of concern just above that could offer a little bit of resistance. That being said, I think that this market continues to be bullish more than anything else, so given enough time I would anticipate that we will threaten the 50-Day EMA, and then you should also probably think about the $1950 level. If we can break above there, then the market is likely to continue going much higher, but the $2000 level would be my target.

In the meantime, if we pull back just a bit, it’s likely that would see the value hunters come back into the market and start buying again. As long as we can stay above the 200-Day EMA, this is the market that will eventually find plenty of buyers. However, if we were to turn around and break down below the 200-Day EMA, that would obviously be very negative and could send this market much lower, perhaps as low as the $1800 level over the longer term. Either way, I am bullish at the moment until proven otherwise.

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