Gold Price Forecast – Gold Markets Have Stabilized a Bit Near the 50-Day EMA

Gold Price Predictions Video for 14.12.23

Gold Market Technical Analysis

Gold markets have gone back and forth during the course of trading on Wednesday, as we continue to kill time waiting for the Federal Reserve to make its announcement. All things being equal, the $2000 level above is very important, and if we can break above there it’s likely that the market could go toward the $2050 level. Underneath, we have a significant amount of support near the 50-Day EMA, but we also have a lot of noisy behavior. That being said, interest rates will have a major influence and therefore the announcement coming out of the Federal Reserve is exactly what we are waiting on.

If the market were to turn around and rally above that $2000 level, especially on a daily close, that would be a very bullish sign as not only would we overcome the large, round, psychologically significant figure, but we would also sliced through the inverted candlestick from the previous session. With all that being said and the fact that the 50-Day EMA has the potential to hold is likely that we would continue to see buyers come into the market based on value.

However, if we were to break down below the $1950 level, it would be a very negative turn of events and could open up and move down to the 200-Day EMA. The 200-Day EMA underneath is a major indicator as well, so it does make a juicy target if we break down. In general, this is a market that has seen extreme amounts of volatility, therefore it’s likely that we are going to see choppiness, and as we head into the holiday season, there will be a lot of concerns about liquidity anyway. Furthermore, we also have to get through the Thursday session which features the Swiss National Bank, the Bank of England, and of course the ECB all having interest rate decisions and statements, therefore it’s likely that we see massive amounts of choppiness enter the market. After the Thursday session, we may have a situation where the market has to make a longer-term decision.

For a look at all of today’s economic events, check out our economic calendar.