Gold Price Forecast – Gold Markets Pull Back From Crucial Big Figure

Gold Price Predictions Video for 07.11.23

Gold Market Technical Analysis

Although the gold markets have gone back and forth quite a bit over the last couple of weeks, it appears that the $2000 area continues to attract a lot of attention and is in fact a bit of a barrier. At this point, if we can break above the recent highs, then it’s possible that the market can go looking to the $2050 region, an area that also caused quite a bit of resistance. Underneath, the $1975 level offers support, and therefore it is an area that should be watched very closely. Quite frankly, I think if we pull back to that area there will be a lot of value hunters, especially as the 50-Day EMA is getting ready to break above the 200-Day EMA underneath it, causing the so-called “golden cross.” This obviously is an indicator that will catch a lot of attention, so it’s worth noting.

At this point, it’s probably worth paying attention to the bond markets as well, because the bond markets obviously have a major influence on gold at times, especially when the yields rise, because it makes gold a little less attractive. That isn’t always the case, and both can happen at the same time, especially in times of geopolitical chaos, which we have plenty of at the moment.

With all things being equal, I don’t necessarily want to short gold anytime soon, but if we broke down below the moving averages underneath, I would have to consider it. I do think that it’s easier to buy gold on dips, or some type of breakout to the upside, but I suspect that the market is coiling up for that next big move which is going to catch a lot of people by surprise, regardless of which direction it is. The only thing you can do is either wait for a massive move in one direction or the other, or if you do choose to get involved, get involved with a small position so that you don’t do massive damage to your account on the next big move. Yes, I can work out in your favor, but in a situation like this you have to assume anything can happen.

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