Gold Price Forecast – Gold Markets Give Up Early Gains Again

Gold Price Predictions Video for 10.02.23

Gold Market Technical Analysis

Gold markets have initially rallied during the trading session on Thursday but gave back gains to form a bit of a shooting star yet again. This is 4 days in a row that we have seen this, so it tells me that rallies are really difficult at this point. Quite frankly, I haven’t seen a chart pattern like this for quite some time, and quite frankly the only thing that this pattern will kick off is an explosive move one way or the other. After all, we are obviously seeing a lot of pressure, and that typically releases all at once.

If we break down from here, the 50-Day EMA could be a significant support level, and breaking down below that would probably lead to even more selling. At that point, it would be a bit of a free fall, and it would be difficult to step in and buy gold. That being said, the 200-Day EMA sits near the $1800 level, and it would obviously attract a lot of attention as well. Breaking down below the 200-Day EMA opens up the possibility of a move to much lower pricing, perhaps with a $50 drop rather quickly. In that scenario, things could get rather rough, and I would anticipate that the US dollar will have taken off to the upside. Keep in mind that there is a negative correlation between the 2 assets, so that is something to pay attention to as well.

Alternatively, if we can finally get an impulsive green candlestick, that could lead to this market really taken off to the upside, and perhaps making a huge run towards the $2000 level eventually.

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