Gold Price Forecast – Gold Markets Have Positive Holiday

Gold Price Predictions Video for 25.11.22

Gold Market Technical Analysis

Gold markets have gapped higher to kick off the Thursday session, and then rose slightly despite the fact that it was Thanksgiving in the United States, therefore trading hours were limited and volume of course was thin. With this in mind, it looks as if the market is comfortable continuing the overall upward momentum, perhaps going to threaten the downtrend line just above. Looking at this chart, it’s also worth noting that we are near the 200-Day EMA, so that in and of itself will attract a lot of attention.

We had formed a hammer during the trading session on Wednesday, so it looks like the $1750 level is indeed going to attempt to keep the market lifted. If that support does hold, it’s very possible that we could see gold threaten the $1800 level. The $1800 level being broken to the upside then kicks off a huge move higher from what I can see. In that scenario, we could be looking at a potential move to the $2000 level. At this point, it looks like that’s what we are trying to do, especially now that the market is reacting to the FOMC Meeting Minutes that indicate perhaps some of the Federal Reserve governors are willing to slow down the rate of interest rate hikes.

On the other hand, if we were to turn on a breakdown below the hammer, it’s possible that gold could go looking to the 50-Day EMA, maybe even down to the $1680 level, an area that has been important multiple times. In this juncture, it certainly looks as if gold is trying to turn things around for a more positive move, but we will have to wait and see if it can pick up momentum.

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