Gold Price Forecast – Gold Markets Recovered During Friday Trading

Gold Price Predictions Video for 07.08.23

Gold Market Technical Analysis

Gold markets have fallen a bit during the trading session during the day on Friday, bouncing off from the bottom of the bullish flag that we have been paying close attention to for some time. If we can break above the top of the candlestick for the trading session on Friday, it’s very likely that the market goes looking to the $2000 level. After the jobs number came out weaker than anticipated, traders are starting to bet on the Federal Reserve being able to see less inflation.

All things being equal, if we were to break above the $2000 level, then it opens up a much bigger move. Quite frankly, I do think that gold is going to continue to see a lot of volatility, but I still think that there is quite a bit further to go to the upside. If we were to break above the top of the bullish flag, then it’s likely that we go much higher, which is something that I think a lot of traders have been calling for. Ultimately, I don’t have any interest in shorting the gold market, at least not at the moment. I think there are plenty of buyers underneath, but I would not get heavily levered to this market, just due to the fact that it seems to be rather noisy in general.

In general, this is a situation where we continue to see a lot of volatility, but all things being equal, gold does make a lot of sense as central banks around the world continue to hoard it, and of course the monetary printing coming out of the United States is nothing short of a joke with over $1 trillion worth of debt being issued in the next quarter.

This doesn’t mean that we go straight up in the air, but the overall trajectory remains the same. If you can keep your leverage down and look at this through the prism of an investment, it could continue to be a bit of a handful over the next couple of weeks.

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