Gold Price Forecast – Gold Slams Into Major Ceiling

Gold Price Predictions Video for 23.10.23

Gold Market Technical Analysis

Gold markets have gapped to the upside again on Friday, reaching toward the $2000 level, before turning around and showing signs of hesitation. The $2000 level of course is a large, round, psychologically significant figure that could be so important that a lot of people will pay attention to it. The market is a bit overstretched at this point, so I think it’s probably only a matter of time before we see this market drop from here. All things being equal, this is a market that I think can see falling apart rather quickly, just due to the fact that we ran too far in a short amount of time. Whether or not I would short the market remains to be seen, but obviously the $2000 level makes a lot of sense for a bit of a ceiling.

Pay attention to the interest rates, because if the bond market starts to take off, then you have a shot of the gold markets falling as interest rates in America might offer more in the way of safety than buying gold. After all, the market is likely to continue to see a lot of volatility, but regardless of whether or not the market is likely to take up to the upside, the reality is you cannot go in one direction forever, and this market certainly has pushed the limits. With this, I think we’ve got a situation where we need to pull back, and that might be what you see heading into the weekend. Furthermore, if there seems to be some type of cooling of tensions in the Middle East, that’s probably going to be absolutely toxic for gold as well.

The alternate scenario of course is that we break above the $2000 level, and go looking to the upside, perhaps reaching the $2050 level. That’s where we had seen the market pullback from before, and therefore one would have to assume that it is a major barrier that will be difficult to break above any time soon. If we did, then obviously that would be extraordinarily bullish. However, I think you are more likely than not going to see a day or 2 of weakness.

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