Gold Price Forecast – Gold Markets Hang Onto the 200 Day EMA

Gold Price Predictions Video for 10.03.23

Gold Market Technical Analysis

Gold markets have rallied a bit during the trading session on Thursday, as the 200-Day EMA has offered a bit of support. The 200-Day EMA has been tested previously, but since then we have seen a major selloff candlestick, suggesting that there is a lot of trouble out there just waiting to happen. If we were to break down below the 200-Day EMA, the market very well could go looking to the $1800 level underneath, which also happens to be the 50% Fibonacci level.

Breaking down below the 50% Fibonacci level would of course be very negative, and at that point could send the market down to the $1755 level, where the 61.8% Fibonacci level sets, and of course comes into the picture as well as potential support. Experience tells me that anything below there more likely than not will send this market much lower, perhaps opening up a return to the lows that we had shot higher from.

Keep in mind that the US dollar has a negative correlation to gold, and of course there are also the concerns of whether or not interest rates continue to rise. The markets have seen 3 major selloff candlesticks since we reached the high price. At this point, the market is likely to continue to see a lot of fear on the way up, but we are also between the 200-Day EMA in the 50-Day EMA indicators, which shows quite a bit of volatility given enough time. Ultimately, this is a market that will have a lot of volatility going forward, so therefore I think we’ve got a situation where it probably lends itself to trade from shorter time frame more than anything else.

Keep your position size reasonable, because the only thing you can control is going to be your position. That being said, the market is more likely than not going to be a noisy place to do business, so therefore caution is the better part of valor at this point. With that being said, it is difficult to imagine a scenario where you would go “all in” until we break out of these moving averages at the very least.

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