Gold Price Forecast – Gold Markets See Volatility

Gold Price Predictions Video for 06.09.23

Gold Market Technical Analysis

Gold markets have had a tough start to the week on Tuesday as traders have come back from vacation. At this point, it looks as if the market is going to continue to see a lot of noisy behavior, after stalling last week. At this point, with traders coming back from the holiday season, one would have to assume that given enough time they will push the market in one direction or the other. As things stand right now, it looks like we have some things to work through.

Ultimately, this is a market that I think will have to make a bigger statement, but right now we may see a short-term pullback in order to sort some things out. After all, liquidity is just now coming back from the summer break, so that does mean that a lot of money will suddenly go flowing into the market, thereby making things a bit hectic. Over the longer term, this may or may not mean something more important, but right now I think it’s just a matter of hanging onto your positions with small amounts, because quite frankly, things could get rather ugly if we aren’t careful.

Pay close attention to the US dollar and interest rates in America, because that typically will have some type of influence on this market, but right now things are all over the place so it’s probably best to leave it alone. I definitely don’t like the idea of selling gold, so more or less I prefer to look for value, which is something we may be getting right now.

If and when I do enter this market, it will be with a small position. I will add once it tells me that I’m in the right trade, perhaps on a break of the high from last week. At that point, then gold is more likely than not going to go running toward the $2000 level, which of course is a large, round, psychologically significant figure. Getting above that level would clearly send a signal that the buyers are in control, and then the next area of interest could be as high as $2100. On the downside, if we break down below the $1900, things could be rather ugly.

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