Gold Price Forecast – Gold Markets Tread Water Ahead of FOMC

Gold Price Predictions Video for 02.02.23

Gold Market Technical Analysis

Gold markets have done very little during the trading session on Wednesday, as we continue to see a lot of noisy behavior. Ultimately, this is a situation where the markets continue to see a lot of hesitation, and therefore we will have to have some type of catalyst to get moving. The FOMC statement and press conference afterwards could very well be a perfect example of the type of market moving information that we need. The markets have obviously been very strong, but given enough time I think we do need to see some type of pullback in order to truly get to where we need to be as far as clarity.

A pullback at this point in time will more likely than not see a lot of support near the $1900 level, which has a certain amount of psychology attached to it, and that of course the 50-Day EMA near the $1854 level. This is a situation where you continue to see a lot of noise, and hesitation as to whether or not we are going to be able to see some type of clarity.

I do think that given enough time we will have plenty of buyers underneath, and therefore you just look for the market to offer a bit of value that you can take advantage of. I would not want to chase gold all the way up here, because it has shot straight up in the air over the last several months. Ultimately, I do think the gold gets to the $2000 level, but with Jerome Powell speaking at the end of the session, perhaps that could cause a bit of exhaustion.

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