Gold Price Forecast – Gold Markets Gap Lower and Show Weakness

Gold Price Predictions Video for 13.02.23

Gold Market Technical Analysis

Gold has gapped lower to kick off the Friday session, only to turn around and fill that gap. After we did, then the gold market touched the 50 day EMA before finding a few buyers. With that being the case, it’s likely that we will continue to see a lot of noisy behavior and choppiness, and it is worth noting that we had seen several inverted hammers in a row. Because of this, it’s likely that we see even more downward pressure. It looks as if the $1900 level above is going to continue to offer selling pressure, and at this point I think we have further to go.

After those massive candlesticks last week, it’s obvious that there are a lot of sellers out there, and candlesticks like that very rarely happen in a vacuum. Rallies at this point in time continue to be suspicious, at least in the short term. Keep in mind that there are a lot of buyers of US dollars out there, and if that keeps up it could weigh on the price of gold.

However, it’s probably worth noting that the gold market can also go up at the same time as a dollar, depending on the circumstance. As there is a lot of concern out there about global markets, I do anticipate that perhaps some traders will be out there selling gold to raise cash for other positions. If we break down below the 50-Day EMA, I believe that we can look into the 200-Day EMA, which is closer to the $1800 level. The $1800 level courses a psychologically significant figure.

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