Gold Price Forecast – Gold Markets Do Very Little

Gold Price Predictions Video for 03.08.23

Gold Market Technical Analysis

Gold markets have gone back and forth during the trading session on Wednesday, as we continue to see a lot of noisy behavior. With that being the case, I think you have to look at this under the prism of a market that is consolidating above the 50-Day EMA, and therefore you have a situation where the markets will be looking for some type of momentum to get moving.

If we were to break down below the 50-Day EMA, it opens up the possibility of a move down to the $1950 level, perhaps even down to the 200-Day EMA underneath. That of course is an area that a lot of people will be paying attention to as a 200-Day EMA is an indicator that a lot of people use for a sign of where the trend is. On the other hand, if we turn around and rally above the $2000 level on a sustained move, then the market is likely to go looking to the $2050 level.

In general, this is a situation where I think that the market is in the process of forming some type of bullish flag, but as we have the jobs number coming out on Friday, so it’s very likely that the market will be somewhat quiet between now and then. With that, I look at this through the prism of consolidation, and that the market is waiting for its next major piece of information. Regardless, the bullish flag does suggest that we are going higher, and it does make a certain amount of sense as debt is starting to become a major problem around the world, and a lot of people will be demanding gold before it’s all said and done.

Sooner or later, central banks will have to start cutting rates, and that will also send gold much higher. In the meantime, as interest rates are relatively high, that does help keep gold somewhat suppressed, but I do think that it’s only a matter of time before we truly break out and therefore we need to be cautious about the type of volatility we will see in this market, due to the fact that the uncertainty abounds.

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