Gold Price Forecast – Gold Markets Have Bounced Again

Gold Price Predictions Video for 02.11.23

Gold Market Technical Analysis

Gold markets fell initially during the trading session on Wednesday, but then turned around as there seem to be plenty of buyers out there willing to get involved. All things being equal, this is a situation where we continue to see buyers coming back into the situation, as there are a lot of geopolitical concerns that continue to have people jumping into the gold markets. Furthermore, it’s been revealed that the central banks around the world have been buying much more gold than originally thought, and therefore it makes quite a bit of sense that we see plenty of upward pressure.

Underneath, if we were to break down below the bottom of the candlestick during the trading session on Wednesday, then we could drop, but keep in mind that the market is likely to continue to see a lot of volatility due to the fact that the Federal Reserve is going to have a meeting during the day, so this will cause quite a bit of volatility to say the least. After all, the interest rate markets will probably go crazy, and therefore you need to be very cautious with the idea of getting overly aggressive.

The market is in the midst of trying to form some type of ascending wedge, but at this point it’s likely that we continue to see a line of buying underneath, even if we do break down and go lower. Underneath, the 50-Day EMA is sitting just below the $1950 level, and I do think that comes into the picture for some type of support. On the other hand, if we can turn around a break above the top of the candlestick from the Tuesday session, then it’s likely that the gold market will eventually go looking to the $2050 level above, that has offered a significant amount of resistance in the past.

Regardless, I don’t have any interest in shorting the gold market, because quite frankly, there are so many geopolitical concerns out there that will continue to have people looking to take advantage of “cheap gold.” After all, it is considered to be a safety asset, and it’s difficult to imagine that it is going to fall anytime soon for a significant amount.

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