Gold Price Forecast – Gold Markets Dropped to the 50-Day EMA

Gold Price Predictions Video for 14.02.23

Gold Market Technical Analysis

Gold markets have fallen a bit during the trading session on Monday to reach the 50-Day EMA. By doing so, the market looks as if it is trying to find support, but it is also worth noting that we have recently had a complete wipeout from the highs. Are we at the bottom yet? I’m sure that’s what everybody is asking but at the end of the day, it’s very difficult to tell. I suspect that the 50-Day EMA will be broken below given enough time. If the US dollar continues to rise, that may be the catalyst.

At this point, the 200-Day EMA is sitting near the $1807 level and is rising ever so slightly. By doing so, the market looks as if it is trying to find its footing, and therefore I think we’ve got a situation where we probably have more noise than anything else in that range. On the other hand, if we were to break back above the $1900 level, I would have to get bullish as gold would have shown itself to fight back. I don’t expect that to happen, but it is something worth paying attention to. After all, take a look at the price action from last week. It was one inverted hammer after another. In fact, the most positive candlestick of the entire week was simply neutral.

This tells me that there is probably more US dollar strength coming, so therefore I think we have a deeper correction in gold more likely than not. That being said, if we were to break above this candlesticks it would obviously be extraordinarily bullish and something that you would have to pay close attention to.

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