Gold Price Forecast – Gold Markets Have Rallied Significantly

Gold Price Predictions Video for 02.03.23

Gold Market Technical Analysis

Gold markets have rallied during the trading session on Wednesday again, as we have reached towards the 50-Day EMA. At this point, it’s probably worth noting that the market is trading between the 50-Day EMA and the 200-Day EMA indicators, and therefore it makes a lot of sense that we would see a lot of choppy behavior, as these indicators tend to attract a lot of traders from both sides of the trade. Because of this, I would anticipate that we might see a little bit of trouble in this region, but if we can break above the 50-Day EMA on a daily close, that can send gold going much higher. I do think that’s very likely, because traders are looking to protect wealth at this point.

The 200-Day EMA has offered a significant amount of support, and it looks at this point as if systematic traders have jumped into the fray and are willing to push this market higher. As traders begin to worry about currency depreciation around the world, gold does make quite a bit of sense and it has seen a significant move previously. Ultimately, this is a situation where I do think that we try to get back towards the highs, but we got to get past that crucial $1900 level.

The $1900 level has been very difficult for buyers previously, as we ended up forming multiple inverted hammers in that general vicinity, so if we were to break above there we could take off quite a bit to the upside. In fact, if we do break higher than the $1900 region, I fully anticipate that the market will go looking to the $2000 level. It’s also worth noting that the 200-Day EMA sat just above the 50% Fibonacci level, so that does make a lot of sense as well.

Buying dips will more likely than not be the way we have to trade this market going forward, but keep in mind that the volatility continues to be extreme in most markets, so I do believe that it is probably only a matter of time before you get multiple opportunities.

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