Gold Price Forecast – Gold Markets Give Up Early Gain Yet Again
Gold Price Predictions Video for 09.02.23
Gold Market Technical Analysis
Gold markets have rallied initially during the trading session on Wednesday, just as we had done on both Monday and Tuesday. Just like those 2 days, we have seen a lot of selling pressure, and it suggests that gold is still trying to find a reason to break down. The 50-Day EMA is sitting just below, and it does make a certain amount of sense that if we can break down below there, then it’s likely that we could go to the 200-Day EMA. That is near the $1800 level, which is a large, round, psychologically significant figure and an area where we have seen a lot of noise in the past.
If we break above the tops of the last 3 candles, then it would be very bullish and could send this market racing towards the $1950 level. We would need to see the US dollar softened in order to make that happen I suspect, although I do think longer term both the dollar and gold will rally. As things stand right now, it’s very difficult to see a reason for this market to go overly bullish without some type of external catalyst, so I anticipate at best we will probably consolidate.
The last couple of huge candles have both been red, and typically those don’t happen in a vacuum, so I do think that the sellers still have a lot to say, so we will have to pay attention but if they can break things down we could see a bigger flush lower. That being said, a break above these inverted hammers would be a huge sign of strength. I suspect we are winding up for a bigger move.
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