Gold Price Forecast – Gold Markets Continue to Look for Buyers
Gold Price Predictions Video for 24.02.23
Gold Market Technical Analysis
Gold markets have been very noisy during the trading session on Thursday, as we continue to see a lot of choppy behavior in most financial markets. There are a lot of questions about where the interest rates are going, and that of course has a major influence on gold pricing. The recent action has been very noisy and volatile, but we have filled the gap from back in January, so one would have to assume there’s probably at least a little bit of interest in this area.
We are currently trading between the 50-Day EMA and the 200-Day EMA indicators, which in and of itself can cause a fair bit of noise. Because of this, I would anticipate that it is probably only a matter of time before we see an impulsive candlestick, but right now we just don’t have the momentum. Because of this, it will probably continue to offer short-term trading opportunities at best, but there are couple of areas that should be watched very closely.
The $1800 level underneath sits just below the 200-Day EMA, and I think will be interesting in and of itself. If we were to break down below there, then it’s likely that we could go looking toward the next gap in the futures market, meaning that $1775 would be targeted. Just below there, we have the $1750 level, which also happens to be the 61.8% Fibonacci level.
On the upside, gold could find plenty of buyers, and if it does a move above the $1860 level in the 50-Day EMA opens up the possibility of a shot towards the $1900 level. The $1900 level is an area that showed a lot of noisy behavior previously, so I do think that it will be difficult to break above. Beyond that, there’s an impulsive selloff just above there that I think comes into play, and I would assume that there should be a lot of selling pressure in that general vicinity. Because of this, I think gold is going to try to settle in some type of range in the near term. Right now, it certainly looks as if it is a bit lost.
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This article was originally posted on FX Empire
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