Gold Price Forecast – Gold Markets Stutter

Gold Price Predictions Video for 01.09.23

Gold Market Technical Analysis

Gold has found itself a bit stagnant at the open of the Thursday trading session, as we continue to see a lot of questions when it comes to whether or not inflation is under control. Yes, inflation is dropped quite a bit in the United States since its peak, but at the same time it’s also worth noting that we have a little bit of a situation where the market continues to bounce around just above the 50-Day EMA, and its deftly worth noting that the jobs number on Friday will have a major influence where we go next. In the short term, I’m not overly excited about going long of gold quite yet, but I would like to pick up some type of dip if I get the opportunity.

The 200-Day EMA sits right around the $1920 level, and I think that area between the indicator and the $1900 level will have to be watched closely by traders around the world to get a handle on what happens next. With that being the case, as long as we can stay above that area I think that this is a market that still has an opportunity to go to higher levels, perhaps reaching as high as $2000 given enough time.

Ultimately, I do think that we got a situation where we will eventually break out to the upside, and we are in the midst of forming a massive “W pattern.” If that is in fact going to be the case, then the “measured move is going to be for gold to hit the $2200 level eventually. That doesn’t mean that it happens anytime soon, just that we could be going there before it’s all said and done. Keep in mind that the jobs number is followed by a Labor Day on Monday, meaning that liquidity might be an issue for the next couple of trading days. However, as we get deeper into the month of September, it’s very likely that we continue to see more liquidity coming into the market, finally giving us a little bit more believability in the trade to the upside as more participants express their views.

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