Gold Price Forecast – Gold Markets Continue to Stretch Toward the Upside

Gold Price Predictions Video for 03.03.23

Gold Market Technical Analysis

Gold has initially pulled back during the trading session on Thursday, only to turn around and show signs of life again. By doing so, the market looks as if it is trying to get to the 50-Day EMA above, which is currently at $1854 in the futures contract. Because of this, it’s likely that we will continue to see a lot of noisy trading, as that area will offer significant amount of resistance in the short term. That being said, if we can break above there is likely that the market will continue to go much higher, perhaps reaching to the $1900 level. The $1900 level is an area that you will have to pay a lot of attention to, due to the fact that it has been significant resistance previously.

When you look at that area, you can see that we have a lot of inverted hammer candlesticks there, which of course is a very negative situation. That being said, I think we’ve got a scenario where you can look at this through whether or not we can break above there. When you look just above that area, you can see that there are a couple of massive red candlesticks, and therefore I think there is a lot of selling pressure up in that area. We would need to see the US dollar shrink a bit, and of course perhaps interest rates drop a bit in order for gold to really take off for a longer-term move, but it certainly looks as if we are at least trying to stabilize in this area.

As we are between the 50-Day EMA and the 200-Day EMA, it’s likely that we will continue to see a lot of noisy behavior, therefore I think you need to look at it through the prism of volatility and an inflection point that we will eventually get a large candlestick. By breaking out of this area, and opens up the next $50 or so, so therefore you need to pay close attention to a daily close above or below these moving averages as it can give you a nice set up.

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