Gold Price Forecast – Gold Markets Continue to Show Extreme Volatility

Gold Market Technical Analysis

Gold markets have been difficult to get a handle on during the trading session, as we have been very choppy yet again. That being said, we are somewhat range-bound from a longer-term standpoint as well, so it does make a certain amount of sense that we would see this type of noise. All things being equal, this is a market that has the 200 Day EMA sitting just above it and going flat, as it is at the $1855 level. After that, you have the 50 Day EMA sitting just above, and of course, the top of the overall range that we have been in and the $1880 level. If we get some type of rally at this point that breaks above there, then you could be talking about gold going all the way to $2000 over the longer term.

On the other hand, we could very well find ourselves breaking down, and if we do break down below the bottom of the candlestick for the trading session on Wednesday, we could be looking at a move down to the $1800 level. The $1800 level features not only previous support in a significant amount of psychology, but it also has an uptrend line that sits right there as well. In that scenario, we are more likely than not going to see buyers jump back into the market. However, if we were to break through that level, it would be a very negative turn of events for the gold market, sending them tumbling.

Gold Price Predictions Video for 23.06.22

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