Gold Price Forecast – Gold Markets Continue to Consolidate

Gold Price Predictions Video for 17.11.23

Gold Market Technical Analysis

Gold markets have gone back and forth during the course of the trading session on Thursday, as we have seen a repeat of the Wednesday session. Ultimately, this is a market that continues to move on a plethora of reasons, not the least of which would be the bond markets and interest rates. There is a direct correlation with the interest rates rising in the United States and gold falling. The exact opposite is also true.

Underneath, we have the 38.2% Fibonacci level, which has offered support previously, and then of course we have the area between the 50-Day EMA and the 200-Day EMA indicators underneath, with the area between these 2 indicators typically offering significant support on pullbacks. You can see that we have bounced significantly to turn things around, but the Wednesday candlestick ended up being a shooting star, so it does suggest that perhaps we are looking at a situation where a pullback is somewhat imminent.

If we were to break above the shooting star from the Wednesday session, it opens up the possibility of a move all the way to the $2000 level. The $2000 level is a large, round, psychologically significant figure, and an area where a lot of people will be paying close attention to. On the other hand, if we were to turn around and break down below the 200-Day EMA, then it’s possible that we could see the market looking at the 50 Fibonacci level, and then after that the $1900 level which lines up fairly close to the 61.8% Fibonacci level.

I think at this point in time you have to keep one eye on the 10 year yield in America, and the other on price action in this market. I think at this point we are also trying to stabilize in this general vicinity, as it’s an area that has been important more than once, and here recently, we have seen it show its resiliency yet again. I do think the gold will continue to be very choppy, but I’m not interested in shorting the market until we get a significant breakdown from an area that I think continues to offer support.

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