Gold Price Forecast – Gold Markets Test Major Moving Average

Gold Price Predictions Video for 27.09.23

Gold Market Technical Analysis

Gold markets fell a bit during the trading session on Tuesday to reach toward the 200-Day EMA. The 200-Day EMA is an indicator that a lot of people pay close attention to, and therefore it does make a certain amount of sense that there would be support here. Furthermore, you can also make an argument for a trendline sitting just below, so it would not be surprising at all to see gold rally a bit from here. However, there are a lot of crosscurrents right now that gold has to deal with, not the least of which of course are going to be bond yields in America which continue to rise.

This is not the best of setups for gold, but there is the possibility of people starting to look to gold for safety. If that’s the case, then we can see this market take off. The market continues to see a lot of consolidation and massive pressures. The 2 trendlines that I have shown on the chart suggest that we are squeezing in order to go in one direction or the other. This somewhat symmetrical triangle suggests that we are going to continue to see a lot of indecision, but if we turn around and break to the upside, clearing the $1965 level, then it would make a certain amount of sense that gold would go to the $2000 level.

Underneath, the $1900 level continues to offer support in an area that has been important more than once. If we break down below the $1900 level, then it’s likely that the market could go down to the $1800 level. The $1800 level is a major support level on the longer-term charts, and that of course is an area that a lot of people would pay close attention to as well. Anything below there would open up the trapdoor of selling that could send gold rushing to the downside. On the other side, if the market were to break above the $2000 level, then the market could go much higher at this point, and therefore it could really start to take off, but we need to clear the $2000 level for a bit of a “formal trade”, at least not without bond markets and yield suddenly turning around drastically.

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