Gold Price Forecast – Gold Bounces Yet Again on Wednesday
Gold Price Predictions Video for 24.11.22
Gold Market Technical Analysis
Gold markets have fallen a bit during the trading session on Wednesday to reach down toward the 50-Day EMA, thereby showing signs of negativity. However, we have seen the market turn right back around, showing resiliency. We are testing and probing the previous resistance barrier for the big “W pattern”, and so far, it’s holding. If we can recapture the $1750 level, there’s a real chance that we continue to go higher. The 200-Day EMA above could offer little bit of the barrier, and you also need to keep in mind that it’s Thanksgiving on Thursday so that will have a major influence on liquidity.
The FOMC Meeting Minutes come out late on Wednesday, and that could have enough information in it to get things moving as well, so keep that in mind. If we break down below the 50-Day EMA, then gold very well could find itself back down at the $1680 level. On the other hand, if we break above the downtrend line that I’ve drawn on the chart, then it’s very likely that we could go looking to the $1800 level, perhaps even a breakout from there and a new bull market in gold. In that scenario, I would expect gold to eventually go looking to the $2000 level.
Pay close attention to interest rates, because if they continue to rise over time, that will work against gold as we have seen most of the year. However, it looks as if people may be starting to focus less on interest rates and more on a lack of growth and a major recession, so it is possible that we could have a stronger US dollar and stronger gold simultaneously.
For a look at all of today’s economic events, check out our economic calendar.