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Gold Price Forecast – Gold Markets Tread Water Ahead of FOMC

Christopher Lewis
·2-min read

Gold Price Predictions Video for 02.02.23

Gold Market Technical Analysis

Gold markets have done very little during the trading session on Wednesday, as we continue to see a lot of noisy behavior. Ultimately, this is a situation where the markets continue to see a lot of hesitation, and therefore we will have to have some type of catalyst to get moving. The FOMC statement and press conference afterwards could very well be a perfect example of the type of market moving information that we need. The markets have obviously been very strong, but given enough time I think we do need to see some type of pullback in order to truly get to where we need to be as far as clarity.

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A pullback at this point in time will more likely than not see a lot of support near the $1900 level, which has a certain amount of psychology attached to it, and that of course the 50-Day EMA near the $1854 level. This is a situation where you continue to see a lot of noise, and hesitation as to whether or not we are going to be able to see some type of clarity.

I do think that given enough time we will have plenty of buyers underneath, and therefore you just look for the market to offer a bit of value that you can take advantage of. I would not want to chase gold all the way up here, because it has shot straight up in the air over the last several months. Ultimately, I do think the gold gets to the $2000 level, but with Jerome Powell speaking at the end of the session, perhaps that could cause a bit of exhaustion.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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