Gold Price Forecast – Gold Markets Continue to Build a Base

Gold Price Predictions Video for 23.05.23

Gold Market Technical Analysis

Gold markets continue to go back and forth during the trading session on Monday, as we see the 50-Day EMA above offer quite a bit of resistance. If we were to break above there, then it’s likely that we could go looking to the $2000 level, which is a large, round, psychologically significant figure. However, we have chopped through that multiple times, and therefore it’s likely that we could see a lot of indecision in that area, but ultimately it’s also possible that we could see less trouble breaking through it again.

The market will continue to see an overall buy on the dip type of attitude, but with that being said I think we’ve got a lot of noise ahead of us, and therefore I think you need to be cautious with your position size. That being said, I certainly have no interest whatsoever in trying to short this market, and the massive uptrend line will also cause a bit of support. All things being equal, this is a market that I do think continues to go higher based on the idea that a lot of people out there are looking for wealth preservation, and of course gold is crucial.

On the other hand, if we break down below the $1950 level, then it’s possible that we go down to the 200 day EMA. That of course is an indicator that will attract a lot of attention, especially as it will more likely than not be closer to the $1900 level if that does in fact happen. With that in mind, I like the idea of going long, especially if we can turn around and break above the 50-Day EMA, but it is worth noting that the longer we sit in this area, the more stable the market becomes, which of course is more attractive to bulls as it can give them a little bit of comfort in a market that offers wealth preservation. Ultimately, I do think that we retest the highs that we made recently, so I think if you are cautious enough, you will find value in this market.

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