Gold Price Forecast – Gold Markets Find Buyers on the Dip

Gold Price Predictions Video for 14.06.23

Gold Market Technical Analysis

Gold markets have gone back and forth during the trading session on Tuesday, as we are hanging around the 50-Day EMA yet again. That being said, we have been in a tight range for a while, as the $1950 level underneath continues to offer support, while the $2000 level above continues to offer resistance. Ultimately, it does make a certain amount of sense that we continue to see a lot of noisy behavior, and this of course makes quite a bit of sense considering that the Federal Reserve is in the midst of a monetary policy meeting, and of course will have the announcement on Wednesday.

By the end of the Wednesday session, all eyes will be on the ECB, as the Europeans will have a monetary policy as well. All things being equal, this is a market that continues to be range bound and I think you need to wait to see whether or not we break higher or lower to determine where we go next. That being said, if the market were to break above the $2000 level, then the gold market should continue to go much higher, reaching toward the $2050 level. The market breaking above there then allows a real challenge of the $2100 level.

On the other hand, if we break down below the $1950 level, then it’s likely that we could go looking to the 200-Day EMA. All things being equal, I do think that we will have a decision to make here the next couple of days, but right now, it seems as if the market is just simply killing time. With that being said, once we break out of this range then we get an opportunity for a bigger move. Until then, I would expect a lot of volatility and choppiness, so therefore it’s more or less going to be a short-term trading type of environment. Gold has been used as wealth preservation for a while, so we’ll have to see whether or not that picks back up. It’s probably worth noting that the $2100 level has been a longer-term triple top that traders have paid close attention to as well.

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