Gold Technical Analysis
Gold Price Forecast
Every new Gold analysis as it publishes, today's technical signal and key levels, live price — on one page.
See all Gold forecastsThe gold market initially gapped higher to kick off the trading session on Monday, pulled back a bit to find the gap being filled, and then turned around to show signs of life, rallying to the upside.
Ultimately, I think this is a market that, given enough time, will probably look towards something a little bit higher. But then the question becomes, what are the interest rate markets doing? This is the most important question you should ask before putting any position on.
Interest Rate Markets Will Be Driving Almost Everything
Interest rate markets will be driving almost everything at this point, and with higher rates in the United States, it does work against the value of gold. The rates are being thrown around by the latest headlines coming out of the Middle East, and despite the fact that there’s a war on, gold has not been a safe haven because the interest rates are so high that they’ve worked against it.
That being said, it is worth noting that we have bounced from the 200-day EMA recently, and we are starting to stabilize. I think we’re in the midst of putting a bottoming pattern in, so I like the idea of buying dips, but I also recognize that gold is not a market that you’re looking to get aggressive in.
You would put a small position on in a little bit of a pullback and see if it works, and if it does, then maybe add to it. The 50-day EMA is just above the $4800 level. If we can clear 4600 easily, then I think that could be your short-term target.
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