Gold Price Forecast – Gold Markets Recover Slightly on Thursday

Gold Price Predictions Video for 03.11.23

Gold Market Technical Analysis

Gold markets rallied a bit during the trading session on Thursday, as we continue to flirt with the $2000 level. The $2000 level is a large, round, psychologically significant figure, and an area where a lot of people will be paying close attention to. We have sliced through here a couple of times, so it may have lost some of its efficacy, but at the end of the day it certainly looks as though the market is trying to do everything you can to go higher.

If we do break down below the support candlestick on Thursday, the market is likely to continue to go much lower, perhaps reaching down to the 50-Day EMA, and of course the $1950 level. All things being equal, this is a market that I think has plenty of buyers underneath, and therefore it’s likely that we will continue to see a lot of noisy behavior. With this being the case, and the fact that the interest rates in America continue to jump around, I anticipate that the gold market will continue to be very noisy.

All things being equal, I think you do continue to see a lot of noise, and then of course you have the jobs number that come out on Friday in America which will have a major influence. After all, a lot of traders will be looking to see whether or not the employment situation is slowing down, or if it’s going to continue to be aggressive and positive, perhaps driving inflation even further to the upside.

With that being said, gold markets will continue to be noisy but it’s obvious that they are very bullish in general, and therefore I think you’ve got a situation where you continue to buy dips. We certainly have seen that over the last 48 hours and I think it is probably only a matter of time before we do break to a fresh, new high. However, if we were to break down below the 50-Day EMA, it would be very negative, opening up the possibility of a move down to the 200-Day EMA. With this, I think you continue to see a lot of choppy and difficult trading.

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