Gold Technical Analysis
Gold Price Forecast
Every new Gold analysis as it publishes, today's technical signal and key levels, live price — on one page.
See all Gold forecastsThe gold market has tried to rally a little bit during the early trading session here on Wednesday, with the 200-day EMA offering a bit of a significant barrier. At this point, I think the markets are trying to figure out whether or not the trend is actually going to change.
The market recently has seen interest rates drift a little bit lower, but we’re starting to see gold react finally to that. The question will be whether or not the situation in the Middle East allows for a calming of tension in the market, and therefore a repricing of gold with lower interest rates.
Geopolitical and Technical Factors
It remains to be seen whether or not that actually ends up happening, but as things stand right now, it looks like the $4000 level is at least trying to be a floor. If we can break above the 200-day EMA, it opens up a move towards the $4600 level.
Right now, though, I think we will probably go sideways and perhaps pull back just a little bit, barring any unforeseen news, mainly because there’s a certain amount of exhaustion, I think starting to set in after gapping 2 days in a row to the upside.
That being said, I am a buyer of gold long-term. I think dips could offer an opportunity here, or if we break higher, then challenging that $4600 level, I think would be the next potential move, which is just above the 50-day EMA. I don’t really want to short gold. If gold starts to fall from here, I’m more likely to buy the US dollar in the forex markets.
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