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Gold Price Forecast – Gold Markets Give Up Early Gain Yet Again

Alice Wang

Feb 09, 2023 16:01

market technical  analysis for gold

Similar to Monday and Tuesday, Wednesday's trading session saw an early increase in gold prices. There has been a lot of selling pressure, similar to those two days, which suggests that gold may still be seeking for a reason to decrease. The possibility that we may go to the 200-Day EMA, which is located just below the 50-Day EMA, does make some sense if we can break down below the 50-Day EMA. Nearly $1800 is a huge, round sum with psychological meaning and a point where there has historically been a lot of controversy.


If we surpass the peaks of the previous three candles, the market may move swiftly in the direction of $1950. I think it would need a decline in the value of the US dollar, but I also think that over time, both the USD and gold would climb. As things are right now, it would be difficult to see an external stimulus for this market to become too optimistic; thus, I think that at best, we will likely consolidate.


Given that the two previous enormous candles were both red and that they often don't happen in a vacuum, we will need to keep a careful eye on the situation. However, if the sellers can simplify things, we may see a greater flush down. A break over these hammers would thus be a stunning display of power. I believe that we are getting ready for a bigger transition.

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