Gold Price Forecast – Gold Markets Rally Again

Gold Price Predictions Video for 19.10.23

Gold Market Technical Analysis

Gold has rallied significantly during the trading session again on Wednesday, as we are breaking above the $1950 level. The market is likely to continue seeing a lot of “FOMO” coming into the picture. The market is now breaking above the previous triangle, and therefore we have completely reversed. At this point, we need to pay close attention to the bond market, and of course the interest rates in America. Furthermore, we also have to think about the geopolitical issues that are currently going on, and what that may do for gold.

Gold is something that people will run to in order to gain safety, and after the recent surge it looks like that might be part of what’s going on. After all, interest rates have risen over the last couple of days, but gold has risen at the same time. This can and will happen from time to time, so although there is typically a negative correlation between rates and gold, that doesn’t mean you can simply trade based upon that negative correlation. After all, there is the possibility that multiple things are going on at the same time, which you can clearly guess is the case at the moment.

Underneath, we have the 200-Day EMA offering support, which is also right around the bottom of the last couple of candlesticks, so it all ties together quite nicely. If we were to break down below there, then the market is likely to go much lower, but right now it looks like that will not be the case. The size of the candlestick for the day does suggest that we have plenty of momentum, but it may be very noisy along the way.

If we continue to go higher, then it’s possible that the market goes looking to reach the $2000 level, which of course is a large, round, psychologically significant figure, and an area that has offered quite a bit of resistance previously. That could be a situation where it makes for a nice target as well, so keep that in the back of your mind. Either way, it looks like the buyers are starting to pick up momentum yet again.

For a look at all of today’s economic events, check out our economic calendar.