Gold Price Forecast – Gold Markets Stay Quiet As We Wait for the Fed

Gold Price Predictions Video for 31.01.23

Gold Market Technical Analysis

Gold markets have gone back and forth during the trading session on Monday, as the markets are waiting for the Federal Reserve on Wednesday. At this point, it looks as if there is a certain amount of support near the $1910 level, so if we break down below there I would think that we could go down to the $1900 level. The $1900 level obviously has a significant amount of psychology behind it, but at the end of the day, we would still be fairly elevated.

I like the idea of buying gold on dips, but we have not had much of an opportunity to do so. The 50-Day EMA is near the $1843 level, and of course is rising. That could be dynamic support as well, and I would most certainly be interested in any type of pullback to that area. On the other hand, to the upside of the $1950 level seems to be significant resistance, so if we can break above there it would obviously be very bullish and will send this market to the $2000 level. I do believe that eventually the $2000 level is probably the target, and obviously it has a lot of psychology around it as it is a large, round, psychologically significant figure.

I think the only thing you can probably count on is a lot of noise after the Wednesday Federal Reserve announcement, so between now and then it would not surprise me at all to see this market just kind of tread water in this general vicinity as we wait to see what the fence going to do with its monetary policy going forward.

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