Gold Price Forecast – Gold Markets Testing Support Again

Gold Price Predictions Video for 09.11.23

Gold Market Technical Analysis

Gold markets fell just a bit during the trading session on Wednesday, but then turned around to show signs of life again. With this being the case, the market looks as if it is trying to find its footing so it can turn around and go to the upside. The $2000 level above has been a bit of a barrier, as well as a bit of a target. That being said, we have recently broken through the bottom of a triangle, and now it looks like we are still trying to sort out whether or not we need to continue to drop from here and go looking at the 50-Day EMA.

Any move below the 50-Day EMA, the market then opens up a move down to the 200-Day EMA. That obviously would be a major technical development and would attract a lot of different people. That being said, I think we are probably more likely than not going to see consolidation, which makes sense that the gold market would do that after we had initially shot straight up in the air.

Pay close attention to the interest rate situation, which is very strong in the United States. The interest rates in America tend to run counter to what happens with gold, although they both can rise at the same time. With this being the case, the market is likely to continue to see a lot of volatility based on the latest move in the bond market, or perhaps geopolitical issues as gold tends to offer a bit of a safety trade as well.

If we do break to the upside and clear the recent high that is just above the $2000 level, then it opens up the possibility of a bigger move toward the $2050 level. The area previously had been important and opens up the possibility of a move to the $2100 level. Underneath, I do think there is plenty of support, and I do believe that there are a lot of reasons to think that the gold market will continue to attract inflows, so I am cautiously optimistic, but I would not put a ton of money into this market.

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