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

Gold Price Predictions Video for 13.11.23

Gold Market Technical Analysis

Gold markets fell a bit during the trading session on Friday to test the 50-Day EMA. The 50-Day EMA of course is an indicator that a lot of people are paying close attention to, especially as it sits right on the 38.2% Fibonacci level. With this being the case, the market is likely to continue to be very noisy, and although we have seen a significant pullback from here, it’s likely that the pullback is but a blip on the radar because we have seen such a massive shot higher to get to the $2000 level, and pulling back in that area does make a certain amount of sense considering that it is a large, round, psychologically significant figure, and of course an area that previously has been resistant. Quite frankly, I think the market has gotten a bit exhausted.

When you look at gold, you also have to understand that it could be a potential safety play, and after the Hamas attack of Israel, gold shot straight up in the air. That being said, the war has not spread out to other countries, therefore it’s likely that we will continue to see gold lose some of that “risk premium.” That being said, if the market were to turn back around and rally from here, then I think we go looking to the $2000 level, which of course is a major target for traders in general. Even if we were to fall from here, the 200-Day EMA underneath should offer support just above the 50% Fibonacci level.

Interest rates have been rather high in the United States, and that does work against the value of gold in general, but at the same time, with so many different things going on around the world, then it’s likely that the gold markets will continue to be very noisy. That being said, even with the recent pullback, I don’t have any interest in shorting this market, at least not anytime soon. If we were to break down below the 200-Day EMA, then you have to reevaluate the entire situation. All things being equal, it looks like we are going to continue to see value hunters in this market going forward.

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