Gold Technical Analysis
Gold Price Forecast
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See all Gold forecastsThe gold market has rallied a bit during the early part of the trading session on Tuesday as the interest rates in the United States dropping continues to be a major helper for gold. This will more likely than not continue to be the case going forward.
That being said, we are getting fairly close to the $4,600 level. The 4,600 level of course is an area that’s been important more than once, and as a result, I think we have to pay close attention to where we are going to go from here.
Technical Barriers and Potential Upside
If we can break above the 4,600 level and the 50-day EMA, which is also a barrier, then we can really start to take off to the upside. Short-term pullbacks, I think at this juncture, end up being buying opportunities all the way down to the 200-day EMA.
Again, keep an eye on those interest rates. The 10-year yield in America falling, of course, has helped quite nicely. But I also recognize that the market will eventually shift its focus. Right now, it’s all in the Middle East and that is what’s moving the interest rates. At this point, it will remain the same situation as far as I can tell.
All things being equal, this is a market that, given enough time, goes higher, but I also think that it’s one of those situations where you need to be very cautious with your position size and just trade smaller and then perhaps try to build up as the market makes up its mind.
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