Gold Price Forecast – Gold Markets Give Up Early Gain

Gold Price Predictions Video for 25.08.23

Gold Market Technical Analysis

Gold markets have initially tried to rally during the trading session on Thursday but gave back those gains to show hesitation. At this point, I think we have got a scenario where the market simply doesn’t know what to do between now and the Jackson Hole Symposium, so therefore I think you probably have a lackluster session ahead. Ultimately, the market will then have to decide what to make of the central banker speakers, such as Jerome Powell and Christine Lagarde, and therefore I think it’s probably only a matter of time before we see some type of move.

Once we get through that, then I think you have a situation where we could get a little bit of follow-through. Right now, it’s likely that the market will continue to see a lot of volatility, and I do think that if we break above the 50-Day EMA, then it opens up the door to go looking to the $2000 level. Underneath, the 200-Day EMA opens up the possibility of a move to the $1900 level.

All things being equal, this is a market that is also in the midst of forming a bit of a “double bottom”, so it could be trying to tell us what’s about to happen next. Furthermore, the candlestick on Thursday was rather impulsive, so that’s exactly what you want to see in order to turn the market around and start going higher. In general, this is a market that I think continues to be very noisy, and you do need to be cautious with your position size due to the fact that the market adjustments do tend to be rather violent, and therefore you could find yourself on the wrong side of a bad position very quickly.

In general, you need to get some type of momentum going in order to jump in with the bigger position, so between now and then caution is the better part of valor. With that being the case, be very cautious but I do think that eventually the gold market probably will get a little bit of a boost. However, keep in mind that Jerome Powell could spook the markets.

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