Gold Price Forecast – Gold Stabilizes After Significant Selloff

Gold Price Predictions Video for 15-02-2024

Gold Markets Technical Analysis

The gold market has shown itself to be supported during the trading session here on Wednesday. And at this point, it looks like the area between $2,000 and $1,980 is in fact causing a little bit of a bump. If we can turn around and retake the $2,000 level, then I think you’ve got a real shot at the market turning around and trying to rally. That would, of course, open up the possibility of a move back to the 50-day EMA initially, and then possibly even higher, maybe the $2,040 level, the $2,060 level, and eventually the $2,075 level. That has been a major resistance barrier that people have been cognizant of for quite some time, and therefore it’s like a huge target in the market.

Remember, most of what got gold selling off during the session on Tuesday was that CPI announcement. That being said, it does look like we’ve run out of momentum, and it seems as if the market is rethinking the entire situation. I do think that we remain somewhat range-bound at the moment, mainly because the dollar is somewhat trying to find a range. So that has a major influence here in the market, which is typically something that gold will do for long periods of time before making bigger moves.

On the other hand, if we do lose the 200 day EMA and break below it, that would obviously be very negative. But right now, I don’t see that as a real threat. I suspect we could very well bounce from here. Whether or not it will be something sustainable remains to be seen, but staying in a range certainly seems to be what the market has wanted to do for roughly three months now. And even though we had that nasty candlestick on Tuesday, I don’t know that anything has changed in the big picture. If that’s going to be the case, then we do need to bounce a bit in order to find some type of fair value or perhaps even equilibrium.

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