Gold Price Predictions Video for 19.07.23
Gold Market Technical Analysis
Gold markets have rallied a bit during the trading session on Tuesday, as it looks like we are trying to break above significant resistance. There is quite a bit of noise between here and the $2000 level, which ultimately is probably a target. That doesn’t necessarily mean that we get there overnight, but it certainly seems to be what we are looking for. The 50-Day EMA sits just underneath, and it should offer a certain amount of support. All things being equal, this is a market that has been noisy as of late, but what I find most important to pay attention to is that the 200-Day EMA has offered significant support at the 61.8% Fibonacci level.
Expect a lot of noisy behavior, but eventually we will see buyers coming in to pick up a bit of value, as gold has shown itself to be very resilient. If we can break above the $2000 level, gold markets will almost certainly take off quite drastically, opening up the possibility of another $50 to the upside. Keep in mind that a lot of people are paying close attention to interest rates at the same time, and if interest rates start to drift a bit lower, that offers the possibility of gold appreciating, as the 2 tend to move in opposite directions.
In general, this is a market that is now offering a bit of value, but it is worth noting that the volatility continues to keep this market as somewhat dangerous, so be cautious about your position size, but I still believe that every time we pull back, it’ll be a buying opportunity. I will be adding to my position as it starts to work to the upside, and probably what will be more of a grind than anything else. I have no interest whatsoever in trying to short gold, at least not until we break below that 200-Day EMA, which is extensively the $1900 level in the 61.8% Fibonacci level. Furthermore, I would keep an eye on the US dollar, because there is a negative correlation between the two most of the time.
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