Gold Price Forecast – Gold Markets Continue to Stabilize at a Crucial Juncture

Gold Price Predictions Video for 18.10.23

Gold Market Technical Analysis

Gold market has pulled back just a bit during the trading session on Tuesday in the early hours, only to turn around and show signs of life. Ultimately, the market is likely to see a lot of interest in this area, because we are right at the apex of the major triangle that we broke down from. If we break higher from here, it’s likely that the market will try to get to the $1975 level, and then eventually the $2000 level after that.

That being said, we are sitting just above the 200-Day EMA indicator, and therefore we should have a certain amount of support. However, if we were to break down below the 200-Day EMA, then the market could drop down to the $1900 level. Underneath there, then it’s possible that the market could go much lower, perhaps trying to fill the gap in the futures contract.

Recently, the market has shown its bullish pressure, but over the last couple of candlesticks, we have seen the market to simply sit there and digest that noise. Ultimately, I think this shows that the market is getting ready to make some type of bigger move, but we will have to wait and see whether or not we break higher, or if we break lower. It should be somewhat obvious when it happens, and as a result it’s likely that we have the majority of traders just simply sitting here in more or less a “wait and see” attitude.

All things being equal, this is a market that I think will have to prove itself one direction or the other, then it’s your job to simply follow what happens. Pay attention to the bond markets, because if the interest rates in the United States start to climb again, that could work against the value of gold, and of course falling interest rates could push gold higher. In general, this is a situation where you have to see momentum jump back into the market before you get involved. Between now and then, it’s simply a waiting game.

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