Gold Price Predictions Video for 19.06.23
Gold Market Technical Analysis
Gold markets rallied a little bit during the trading session on Friday, to touch the 50-Day EMA, but pulled back as we continue to see a lot of back and forth. We are in a major consolidation area, and I think that will continue to be the case. It looks as if gold is simply willing to bounce around between $1950 on the bottom and $2000 on the top. We could be entering a phase of rather quiet trading, but ultimately the longer-term direction is probably to the upside.
If we were to break down below the bottom of the candlestick from the Thursday session, I could open up further selling, but the way we turned around by the end of the session on Thursday to suggest that there are going to be a significant amount of buyers underneath. The $1900 level is also an area that a lot of people will be paying close attention to, not only due to the fact that it is a large, round, psychologically significant figure, but it’s also an area where we have seen the 200-Day EMA pop into the picture.
That obviously is an indicator that a lot of people pay close attention to, therefore I think you got a lot of support in that region. If we were to break down below that level, then it’s likely that we could drop to the $1800 level. The $1800 level is where we had started the entire rally from previously, so it does make a certain amount of sense that could be a target if we truly break out. Having said that, I am not expecting that to happen anytime soon.
On the other hand, if we break above the $2000 level, it’s likely that we could go to the $2050 level, possibly even the $2100 level above. The $2100 level is a large, round, psychologically significant figure, but more importantly it is a situation where we have seen a bit of a “triple top” previously, and therefore I think it does continue to be an area of importance. In general, the market continues to be quiet, but the fact that we have such a strong floor underneath is something that you need to pay attention to.
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