Gold Price Forecast – Gold Markets Continue to Show Resiliency on Dips

Gold Price Predictions Video for 04.05.23

Gold Market Technical Analysis

Gold markets initially pulled back a bit during the trading session on Wednesday, but have shown a significant amount of resiliency as we continue to see plenty of buyers out there. Wealth preservation is a very real concern for traders at the moment, so it would not surprise me at all to continue seeing gold be one of the better performing assets. If we can break above the $2050 level, that could open up a new rush of buying pressure.

In that scenario, I anticipate that the gold market will go looking to the $2100 level. Anything above that level then opens up the possibility of a more “buy-and-hold” type of market, which is essentially what I think we are already in if you got into your position early enough. That being said, gold does tend to be very noisy, and therefore you need to be cautious with position sizing but I do think that it’s very difficult to short gold in this environment.

The 50-Day EMA sits near the $1975 level and is rising, offering a potential technical support level for the overall trend itself. In this environment, it would not surprise me at all to see that continues offering itself as important support, so I will definitely pay close attention to this market if we get anywhere near there. Regardless, I would anticipate a lot of very noisy and erratic behavior, especially around the Federal Reserve announcement and of course the European Central Bank announcement on Thursday. Furthermore, we have the jobs number on Friday so this could shape up to be a very messy couple of days to say the least. Whatever you do, do not ignore the overall trend, because it should eventually sort itself out and start going higher over the longer term. Don’t let short-term erratic moves shake you out of positions by over leveraging them.

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