Gold Price Forecast – Gold Markets Rallied Significantly on First Heavy Volume Day

Gold Price Predictions Video for 04.01.23

Gold Market Technical Analysis

Gold markets have rallied rather significantly during the trading session on Tuesday, as traders came back from the holidays. Looking at the size of the candlestick, it suggests that we are ready to go much higher. We have broken above the $1850 level, which of course is a very bullish sign. At this point, I would anticipate that the market should go to the $1875 level, and then much higher than that, perhaps reaching the $2000 level sometime this year.

Short-term pullbacks should continue to offer value, with the $1800 level being a massive support level, assuming that we even get down to that area. Regardless, I think we have a lot of noisy behavior ahead of us, especially this week as we wait for the jobs number coming out on Friday. It’s very likely that we will continue to see choppy and range bound trading, but with more of an upward tilt as the gold market has been so bullish for so long.

The 50-Day EMA is reaching the 200-Day EMA and, being ready to cross over and formed the “golden cross” signal that so many people like. That is a longer-term signal, so it could send a lot of longer-term money and investors into the market. The size of the candlestick tells us that there is a lot of follow-through here, and therefore it’s possible that we could see traders coming back in to take out a lot of short positions just above, and therefore I think it’s probably only a matter time before we see even more money flow into this market to the upside. If we break down below the moving averages underneath, then it’s possible that the entire thing will turn around, but I just don’t see that happening anytime in the near future.

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