Gold Price Forecast – Gold Markets Pulled Back Toward Support

Gold Price Predictions Video for 15.05.23

Gold Market Technical Analysis

Gold markets have fallen a bit during the course of the trading session, reaching down toward the $2000 level. The $2000 level of course will have a lot to do with psychology and previous action, so I think this is a situation where you would probably have a lot of interest in that area. The fact that we have rallied from there also suggests that we could go higher. If we can break above the highs of the Friday session, then it’s possible that we could go looking to the $2050 level, possibly even the $2100 level. The $2100 is a large, round, psychologically significant number, and an area that has offered a significant amount of resistance.

Looking at this chart, the 50-Day EMA is more likely than not going to continue to offer a little bit of support underneath, so it is worth noting that the market is going to continue to find a certain amount of dynamic support as well. If we were to break down below the 50-Day EMA, then we could go down to the $1950 level. The $1950 level has seen a lot of noise in the past, so it would make sense that it would be a target, and of course, an area where buyers could return.

It is not until we break down below the $1900 level that I am concerned about the overall health of the gold market, as it has been so resilient. Furthermore, a lot of traders are out there looking at this as wealth preservation more than anything else, so I think it does make a lot of sense. All things being equal, I think we continue to see buyers on dips, and therefore it’s not worth trying to fight the overall momentum. If the market were to break above the $2100 level, then it’s likely that the market will become more or less a “buy and hold” asset, which I fully anticipate will be the case before it is all said and done along the way, and therefore I don’t have any interest in shorting anytime soon.

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