Gold Price Forecast – Gold Markets Have Volatile Wednesday

Gold Price Predictions Video for 20.04.23

Gold Market Technical Analysis

Gold markets remained very much a “buy on the dips” type of situation, as the market continues to see a lot of demand for gold in order to preserve wealth. I think this continues to be the case, despite the fact that the US dollar has shown a bit of strength. After all, the negative correlation between gold and the US dollar is a bit overstated by most traders, as both can rise at the same time, depending on exactly what is going on. At this point, I think you got a situation where the market is going to continue to attract plenty of inflow.

The $2000 area of course will continue to be very important, as it has a lot of psychology attached to it, but it is also an area where we’ve seen a lot of noise at previously. Because of this, I think it’s probably only a matter of time before buyers would come in and try to defend that area if we dip below it. Furthermore, the market has been very noisy for a while, so it does probably tend to instill a bit of “FOMO” for a lot of traders out there, so should we continue to see selloffs, they will probably be met with a lot of buying pressure.

That being said, it is possible that we could drop down to the $1950 level, because that’s essentially where the gap was in the futures market that has yet to be filled. The markets do tend to like doing that, so it certainly makes a potential target. That being said, it’s not like I’m looking to short gold, it’s just that I recognized that the volatility may get a bit worse in the short term. That being said, if we were to break down below the 50-Day EMA, then it’s possible that we could drop down to the $1900 level, which has been quite significant in the past and should continue to attract a lot of attention. Ultimately, this is a situation where finding value will be the best way going forward.

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