Gold Price Forecast – Gold Markets Give Up Early Gain

Gold Price Predictions Video for 16.11.23

Gold Market Technical Analysis

Gold markets have initially rallied a bit during the trading session on Wednesday but gave up gain as the PPI numbers in the United States contradicted the CPI numbers from the previous session. With that being the case, the market is likely to continue to see a lot of volatility, and therefore it’s very likely that we continue to cause as much damage as possible. After all, as the markets have no idea what to do with themselves, and therefore we will continue to see a very noisy scenario. Underneath the 50-Day EMA sits right around the 38.2% Fibonacci level, so all of this comes together for a potential major support barrier.

If we do break above the top of the range for the session, it opens up a move to the $2000 level, but now that Wall Street has something to think about in the form of a stronger than anticipated PPI number, it may very well wipe out the move from the previous session and therefore I don’t think it’s worth getting too cute at this point as the market will have a lot of crosswinds. Ultimately, I do think that gold is going to be paying close attention to the bond market and interest rates, which of course are influx to say the least.

That being said, the area between the 50-Day EMA and the 200-Day EMA indicator quite often offers a significant amount of support, and therefore I think the market will continue to see plenty of interest in that area, and we could very well pull back there in order to find a bit of support. On the other hand, if we do take off to the upside and the interest rates in America drop again, then I think $2000 will be a target.

Breaking down below the 200-Day EMA would be a very negative turn of events, perhaps opening up a move down to the 61.8% Fibonacci level, which would cause a lot of interest in the market from a technical analysis standpoint, as it is the “golden ratio.” Regardless, I think that you are going to see a lot of volatility so you should probably keep your positions on a somewhat reasonable in this environment.

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