Gold Price Forecast – Gold Markets Drift Sideways

Gold Price Predictions Video for 23.11.22

Gold Market Technical Analysis

Gold markets have been quite noisy during the trading session on Tuesday, as we continue to look at the $1750 level with interest. This is an area that has been important a couple of times in the past, so it does make a lot of sense that we would see noisy and quite frankly difficult behavior in this general vicinity. Ultimately, I do think this is a situation where we are going to have to make a bigger decision, and it will almost certainly be driven by Federal Reserve expectations, and of course the interest rate market. After all, the interest rate market has a huge negative correlation to the gold market.

If we break down below the lows of the Monday session, then we could drop down to the 50-Day EMA, which is at the $1710 level. Underneath there, then the next major support area is at $1680. The question now is whether or not people are going to be focusing on central-bank behavior, or if they are going to be paying attention to the potential global slowdown, which could have people running toward gold. A break above the $1800 level would be a huge barrier to overcome, and if we do, then I suspect that gold has much further to go at that point, perhaps reaching to the $2000 level over the longer term.

Ultimately, this is a market that I think will be very noisy over the next couple of days, especially as Thanksgiving is coming on Thursday, that will certainly have an effect on the hours that the electronic trading is available. Because of this, it’s likely that we will see chop more than anything else.

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