Gold Price Forecast – Gold Continues to Consolidate

Gold Price Predictions Video for 15.06.23

Gold Market Technical Analysis

Gold rallied during the trading session on Wednesday as we wait for the Federal Reserve statement. At this point, it looks as if the $1950 level is an area of significant support, right along with the $2000 level being significant resistance. The 50-Day EMA is right in the middle of all of this, and I think at this point we are essentially in a major “holding pattern.”

Being in a holding pattern makes quite a bit of sense due to the fact that we have the Federal Reserve statement on Wednesday, and of course we have the European Central Bank statement on Thursday. There is a lot of probable volatility coming this way but given enough time I think we’ve got a situation where we are trying to figure out what we are going to do for a bigger move, but in the short term it looks like we are just simply going back and forth and figuring out where the momentum of the longer-term move will be.

If we break down below the $1950 region it opens up the possibility of a move down to the 200-Day EMA, closer to the $1900 level. On the other hand, if we were to turn around and break above the $2000 level, it opens up the possibility of a move to the $2050 level above, which was a significant barrier in the past. If we can take that out, then it’s very likely that the market will test the $2100 level, an area that has been tested 3 times over the last several years as major resistance.

I suspect that the next 2 days will finally give us a direction, and one would have to assume that there are still plenty of buyers out there. However, there’s always the possibility that the central banks spook the markets, and they could send gold tumbling. That being said, it looks a lot like a situation where the market will continue to see a lot of volatility and choppiness in this tight range, but I think those days are coming to an end. Pay attention to the next impulsive candlestick, it could give you an idea as to where we are going.

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