Gold Price Prediction – Gold Rises Once More on Wednesday

In order to approach the 50-day exponential moving average, Wednesday’s gold markets plummeted significantly during trade.

During Wednesday’s trading session, gold markets have declined slightly to reach the 50-Day Exponential Moving Average (EMA), indicating a bearish trend. Nevertheless, we have witnessed the market quickly recover, demonstrating resilience. The previous resistance barrier for the large “W pattern” is being tested and probed, and so far it is holding. If we can reclaim the $1750 level, there is a good possibility that prices will continue to rise. The 200-day exponential moving average (EMA) above could provide some resistance, and you must also bear in mind that Thanksgiving is on Thursday, which will have a significant impact on liquidity.

You should only trade with capital that you can afford to lose while trading derivatives. The trading of derivatives may not be suitable for all investors; thus, you should ensure that you fully comprehend the risks involved and, if necessary, seek independent counsel. Before entering into a transaction with us, a Product Disclosure Statement (PDS) can be received through this website or upon request from our offices and should be reviewed. Raw Spread accounts offer spreads beginning at 0 pips and commissions of $3.50 every 100k traded. Spreads on standard accounts begin at 1 pip with no additional commission fees. CFD index spreads begin at 0.4 points. This information is not intended for inhabitants of any country or jurisdiction where distribution or use would violate local law or regulation.

Remember that the FOMC Meeting Minutes will be released late on Wednesday, and that they may contain sufficient material to move things forward. If we break below the 50-day exponential moving average, gold is likely to retest the $1680 area. Alternatively, if we break above the downtrend line that I’ve placed on the chart, it’s possible that we’ll be looking at the $1800 level, and possibly even a breakout from there and a new gold bull market. In such a scenario, I would anticipate gold to finally approach the $2,000 mark.

As has been the case for the majority of the year, rising interest rates will work against gold if they continue to climb over time. However, it appears that people are beginning to focus less on interest rates and more on a lack of growth and a significant recession, thus it is feasible that the US dollar and gold may both increase in value.

Leave a Comment