Gold Price Forecast – Gold Markets Get Slammed on Thursday

Gold Price Predictions Video for 06.01.23

Gold Market Technical Analysis

Gold has fallen rather hard during the session on Thursday, breaking well below the $1850 level. At this point, the market looks as if it is going to continue to see downward pressure, but I think this is going to end up being a nice buying opportunity. After all, the $1800 level should be supportive, and of course we have the channel that we have been in for a while. Recently, we have seen the 50-Day EMA break above the 200-Day EMA, forming the so-called “golden cross.” This of course is a longer-term bullish signal, so a lot of people will be looking at this as a potential longer-term “buy-and-hold” type of signal.

The size of the candlestick is likely going to show a bit of follow-through, as it is such a huge move. However, I don’t think it is a trend changing move, just simply a market that had got far ahead of itself, and finally had a catalyst to start selling off again. Put that in mind, I’ll be looking for a buying opportunity on signs of a bounce. That could be a situation where the move actually happens early next week, unless of course the jobs number completely turns around the idea of a heated up employment market on Friday.

After all, the ADP jobs number came out on Thursday, suggesting that the economy is still overheating in the United States, and that the Federal Reserve still has a lot of work to do. That being said, it’s worth noting that the ADP tends to be noisy to say the least, so therefore we could get a huge surprise in the opposite direction.

For a look at all of today’s economic events, check out our economic calendar.