Gold Price Forecast – Gold Markets Rally Into the Weekend

Gold Price Predictions Video for 09.01.23

Gold Market Technical Analysis

Gold markets have rallied a bit during the trading session on Friday, to break above the $1865 level. At this point, it looks as if we are going to try to take the $1875 level out, opening up the possibility of a move all the way to the $2000 level from the long term. However, it’ll be interesting to see how all this plays out due to the fact that the US dollar has lost its negative correlation to gold recently. After all, most traders out there are worried about wealth protection, so therefore gold is rallying, despite the fact that the US dollar is rather choppy.

Whether or not we can continue to go to the upside easily is a completely different question, and I would love to see some type of pullback that I can take advantage of. However, as we are starting to pull back I will be looking for signs of support near the $1820 level, possibly even down to the $1800 level. The area down there should offer plenty of support, and it’s also worth noting that the 50-Day EMA has broken above the 200-Day EMA, forming the so-called “golden cross.”

The golden cross is an indicator that longer-term traders like, so I do think that we continue to go higher. That doesn’t mean we cannot pullback, and quite frankly I welcome that. At this point, I think you continue to look for value, and take advantage of it. However, I would not chase this trade all the way up here. After all, the market will continue to be noisy, and of course Friday was Non-Farm Payroll Friday, meaning it was a lot of noise.

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