Gold Price Forecast – Gold Markets Continue to Find Buyers on Dips

Gold Price Predictions Video for 17.05.23

Gold Market Technical Analysis

Gold has pulled back just a bit during the trading session on Tuesday, as we continue to see a lot of noise around the world. Gold of course, is being used as wealth preservation, in a situation where we have quite a bit of confusion as far as where the markets are going and of course the global economy. Furthermore, there is a certain trendline that the market is paying close attention to, and then of course the $2000 level underneath will attract a lot of attention as well. It looks as if the market is trying to build up enough momentum in order to reach toward the $2050 level, and then possibly the $2100 level above there.

The 50-Day EMA sits just below the $2000 level, and that of course is an area where a lot of people will be paying close attention to, as it is a trend-defining indicator that a lot of people react to. Ultimately, I think this is a situation where we probably have enough interest in gold underneath that this market will continue to be a “buy on the dips” scenario, with a high likelihood of the market trying the highs again. On the other hand, there is so much volatility you cannot get overly aggressive regardless.

If we do break down below the 50-Day EMA, then it’s possible that we have a move down to the $1950 level, which is an area that has seen support previously, followed by the $1900 level near the 200-Day EMA. Breaking down below the 200-Day EMA could bring in algorithmic traders, so it could cause a bit of a flush lower if we break down below there. In that scenario, it would probably change everything and you would have to look at shorting metals, but truthfully silver tends to pull apart much quicker than gold, so if gold starts to break down, I may find myself shorting the silver market as a reaction. Either way, expect a lot of noisy behavior, but it still looks like we are going to continue to see plenty of value hunters out there.

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