Gold Price Forecast – Gold Markets Explode to the Upside After PPI Number

Gold Price Predictions Video for 14.04.23

Gold Market Technical Analysis

Gold markets have shot straight up in the air during the trading session on Thursday, as we continue to see a lot of noisy behavior out there. Quite frankly, the US dollar is on its back foot at the moment, after seeing PPI numbers miss quite drastically. With this being said, it looks like inflation is starting to come down, and a recession is on its way. The gold market has been wildly bullish for some time now, and now we are at the top of an overall rising wedge. With that being the case, the market could very well take off to the upside and try to go to the $2100 level.

At this point, any type of short-term pullback more likely than not will be a buying opportunity, as it should open up plenty of value. The $2000 level underneath should continue to be a big “floor the market”, due to the fact that we have so much in the way of psychology around that figure. At this point in time it looks like gold is overdone, but quite frankly the rush into this market is something that you cannot argue with, as momentum has been the leading force of almost everything trading related for some time now.

Even if we broke down below the $2000 level, I suspect that there should be plenty of support underneath, especially near the $1950 level. The $1950 level is an area we also see the 50-Day EMA hanging about, and previously had a gap in the futures market. In other words, it does make a certain amount of sense that we would see a significant amount of support in that general vicinity. All things being equal, I do think that is exactly what happens, but that’s assuming we get any type of pullback. Quite frankly, it would not be overly shocking to see this market just take off to the $2100 level, considering that we have been on fire as of late as far as momentum is concerned.

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