Gold Price Forecast – Gold Markets Have a Choppy Thursday

Gold Price Predictions Video for 28.04.23

Gold Market Technical Analysis

Gold markets have gone back and forth during the trading session on Thursday, as we continue to hang around the $2000 level, and consolidate after seeing such a huge gain over the last couple of months. The 50-Day EMA is racing toward the market, and therefore I think it offers a certain amount of support given enough time. Ultimately, dips will continue to be potential buying opportunities as we see a lot of underneath pressure and of course, wealth preservation desires out there, which of course gold serves as an excellent asset for that purpose.

The 50-Day EMA being broken below would of course be a very negative situation and could open up the possibility of gold dropping all the way down to the $1900 level. The $1900 level will more likely than not be right about where the 200-Day EMA is if we do drop down that far, so think you got a situation where you can see a lot of overall noise.

On the other hand, if we break out to the upside, the $2050 level should offer a significant amount of resistance, perhaps opening up the possibility of a move toward the $2100 level. Anything above there opens up the possibility of a longer-term “buy-and-hold” situation, and therefore it’s likely that we would see this market attract even more momentum to the upside.

Pay attention to the US dollar because it can have a negative correlation, but that correlation has broken down a bit recently, so it’s not a straightforward trade at all times. After all, the 1980s saw both the US dollar and gold rally, so I think we may find that as being a potential move next.

Ultimately, I think you will see a lot of volatility so you need to keep your position size reasonable, but I like the idea of short-term pullbacks picking up a little bit of a position, and then adding as it goes along, only to take profit once we reached the top of the overall consolidation area. I think that’s probably how you have to trade all precious metals at the moment, as there are so many situations out there that could cause major panic in the market.

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