Gold Price Forecast – Gold Markets Hanging Around the 50-Day EMA

Gold Price Predictions Video for 10.11.23

Gold Market Technical Analysis

Gold markets have fallen a bit during the trading session here on Thursday, as it looks like we are testing the 50-Day EMA. If we can break out above the highs of the session when we first opened up, it’s possible that the market may begin a bit of a recovery and go looking toward the $2000 level over the longer term. While we have seen a significant selloff, the reality is that the market got to the $2000 level far too quickly, and the pullback does make a certain amount of sense. With that being the case, I think value hunters are starting to come back into the market, and clearly the geopolitical situation isn’t any better than it was a couple of weeks ago.

I think what you’ve seen over the last week or 2 has been a significant amount of profit-taking, and the fact that rates are so high in America certainly doesn’t do gold any favors. The war in the Middle East has not expanded yet, and therefore a little bit of calm has returned to the markets. The US dollar has been a bit soft as well, so it all comes together for a potential volatile move. That being said, I think that gold has a huge part in most people’s portfolio, but we just simply had gotten too far ahead of ourselves.

Underneath I see the 200-Day EMA as potential support as well, so pay close attention to that. If we do break down below the 50-Day EMA significantly, then we have to question the trend. That answer will come in the form of the 200-Day EMA from a technical standpoint, so it’ll be interesting to see what happens in that region. Quite frankly, if you’re looking for safety the US dollar works just as well as gold at times, but right now we have so much noise in the markets that the only thing that you really can do is keep your position size reasonable, as gold tends to be very noisy to begin with. That being said, we haven’t even pulled back 50% from the original surge to the upside and therefore what I see on the chart is just a typical profit-taking cycle.

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