Gold Price Forecast – Gold Markets Continue to Show Strength

Gold Price Predictions Video for 03.02.23

Gold Market Technical Analysis

Gold markets have gapped a little bit higher during the trading session on Thursday, only to find a little bit of a pullback. Nonetheless, this is a market that I think continues to see a lot of choppiness, as we are completely overdone. I still believe that gold goes to the $2000 level, which is a large, round, psychologically important figure. I would anticipate a lot of noisy behavior in this market, but at this point in time I am not interested in shorting it.

The market continues to see a bit of an overstretched condition, so I think a pullback would make a lot of sense, especially as we have the Non-Farm Payroll announcement on Friday, and that can cause a lot of volatility. The reality is that the $1900 level underneath would probably attract a lot of attention, and then of course the 50-Day EMA which is near the $1858 level. Anything below there could send this market much lower, perhaps opening up a move down to the 200-Day EMA, but I don’t necessarily believe that is the destination at the moment.

Any dip has been bought multiple times as we have seen so much in the way of FOMO, and I think that probably continues to be the case as there are so many people out there trying to protect their wealth, and of course this huge move has been so well-publicized. Ultimately, there would have to be major changes in the overall financial system to get this trend turned around. Whether or not we can break above 2000 easily is a completely different question altogether.

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