Gold Price Forecast – Gold Markets Plunge on Tuesday

Gold Price Predictions Video for 21.06.23

Gold Market Technical Analysis

Gold markets have fallen rather hard due to a strengthening US dollar on Tuesday, as we continue to see a lot of noisy behavior. That being said, the hammer from the previous week being violated to the downside opens up the possibility of a move down to the 61.8% Fibonacci level and then again, the 200-Day EMA.

It is also interesting to see the $1900 level and that overall area, because that will also offer quite a bit of support. The size of the candlestick on Tuesday is rather impressive, but it does not necessarily violate a trend by any stretch of the imagination. All things being equal, if we turn around and show signs of bullish pressure again, we could look into the 50-Day EMA above. After that, then you have the $2000 level offering a significant amount of resistance, and of course, it is a bit of a magnet for price due to psychology.

If the market were to break down below the 200-Day EMA, then of course that would change everything because we not only lose the 61.8% Fibonacci level but also lose the 200-Day EMA, which is essentially a “one-two punch” when it comes to the overall uptrend. Whether or not that happens remains to be seen, but I would pay close attention to what’s going on over the next couple of days. At this point, we are simply threatening support, but there could be a bit of buying in this pressure. Furthermore, you need to keep an eye on the idea that traders may or may not be looking to preserve wealth via gold, so it’s possible that we could see a bit of a recovery given enough time.

The Bank of England has a meeting on Thursday, and of course, the Swiss also have a meeting this week, so that could give gold a little bit of noise peripherally, so that might be something worth paying attention to. If we can break above the $2000 level, then we could go toward the highs again, which is closer to the $2100 level above.

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