Gold Price Forecast – Gold Markets Continue to Stabilize

Gold Price Predictions Video for 15.11.23

Gold Market Technical Analysis

Gold markets continue to hang around the 38.2% Fibonacci level on Tuesday, as we are trying to find enough momentum to turn the market around and go higher. Alternatively, I think gold markets are in the midst of stabilizing after a reasonable pullback, as we had shot straight up in the air previously. After that type of move, a drop down to the 38.2% Fibonacci level rather quickly is not a huge surprise either. That being said, the 50-Day EMA sits right around this area as well, if we can break above there, then it’s likely that the gold markets will go looking toward the highs again, near the $2000 level.

Underneath, we have the 200-Day EMA, which is just above the 50% Fibonacci  level. The 50% Fibonacci the level of course is an area that a lot of people would pay close attention to due to the fact that the area is not only a technical indicator that a lot of people pay attention to, but it is also an area where we had seen quite a bit of noisy before.

It’s worth paying attention to the Friday candlestick, because if we were to break above the top of that Friday candlestick, then we really could take off to the upside. That is a significant amount of resistance at the top of it, so I think if we take off above there, then it’s likely that we go higher at a more rapid manner. Keep in mind that the gold markets are going to be paying close attention to the interest rate situation in the United States, and of course geopolitical concerns such as the war in the Gaza Strip.

It’s hard to imagine that traders are completely comfortable, so I do think that a certain amount of gold probably belongs in your portfolio to begin with. If we were to turn around and break down below the 50% Fibonacci level, then I think at that point in time gold goes racing toward the $1900 level, and breaking down below that would be a very negative turn of events. That being said, it seems very unlikely at this juncture.

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