Gold Price Forecast – Gold Markets Continue to See Upward Pressure After Initial Dip

Gold Price Predictions Video for 15.03.23

Gold Market Technical Analysis

Gold markets have fallen a bit during the trading session on Tuesday but turned around to show signs of life again. The $1900 level has been smashed through quite significantly, and as a result it’s likely that the $1900 level is going to be thought of as a short-term support level. If gold breaks down below that, then it could kick off this market to the downside quite drastically. That being said, the market could go looking to the $1950 level, which is right in the epicenter of the recent selloff.

You can see on the chart that I have circled those 2 massive red candlesticks, and there is a lot of selling pressure in that general vicinity. Ultimately, you should pay close attention to the fact that we managed to bounce from the 200-Day EMA, which sat just above the 50% Fibonacci level. All things being equal, I do think that gold continues to see buying pressure, especially now that the market has made it clear that it does not believe in the Federal Reserve and its desire to fight inflation. Speaking of inflation, inflation numbers came out as expected in the CPI numbers on Tuesday, so there was no real help there.

That being said, if the market were to break down below the $1900 level, then it opens up the possibility of a move down to the 50-Day EMA which is at the $1856 level and rising. Underneath there, then we could threaten the 200-Day EMA. It’s not until we break down below there that the trend takes off to the downside. Ultimately, I do think that we will get a significant pullback, but that pullback should end up being a nice buying opportunity eventually.

Pay attention to interest rates, because if interest rates start to take off again, then you have the possibility of gold taking a little bit of a punch in the nose, but ultimately the only thing you can do at this point is look for some type of value that you can take advantage of, with a reasonable size for your position.

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