Gold Price Forecast – Gold Markets Pulled Back to Kickoff the Week

Gold Price Predictions Video for 13.06.23

Gold Market Technical Analysis

Gold markets fell a bit during the trading session on Monday, as it looks like we are going to continue the overall consolidation that we have seen. Ultimately, this does make a certain amount of sense as the market continues to see a lot of noisy behavior in general. Furthermore, there are a lot of external factors that could come into the picture, not the least of which will be the Federal Reserve meeting on Wednesday, and also the European Central Bank meeting on Thursday. Last but not least, we also have the Bank of Japan meeting on Friday, so it all comes together for a lot of volatility.

I think that’s a lot of what’s going on right now in the gold market, as we are trying to figure out what to do with central bank actions. We have been in a range between $1950 level on the bottom and the $2000 level on the top. I think the market will continue to bang around in this area until we get through all of this central bank noise, which could cause a lot of headaches.

That being said, I think by the end of the week we should have a little bit more clarity, and if we do in fact get that clarity, then we can start to have an argument about which direction we go in the longer-term. More likely than not, I think we will continue the uptrend, but this is more to do with wealth preservation than anything else. If we were to break significantly below the $1950 level, then the 200-Day EMA underneath probably comes into the picture as a major support level. Anything underneath that would be very negative, and therefore it’s possible that we could see the market change direction completely, but at this point it’s not necessarily something I’m overly concerned about.

The next couple of days will be more sideways than anything else, so therefore I think you need to look at it through that prism. If you are short-term trader, a range bound system could be a good way to take advantage of this stagnant market until we get clarity in the central-bank announcements.

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