Gold Price Forecast – Gold Continues to Flirt at the Same Area
Gold Market Technical Analysis
Gold markets continue to be very noisy, as we continue to see a lot of trouble out there. The gold market is getting a little bit of a boost during the day on Thursday, but ultimately this is more about the idea of hanging around the $1600 level that thing else. This is an area that has been supported make a certain amount of sense that there would be a reaction here. If we do bounce from here, I suspect it is only a short-term one, something that you would start selling again.
Breaking down below the bottom of the most recent lows could open up a massive amount of selling pressure, which would almost certainly be accompanied by US dollar strength on the whole. Ultimately, this is a market that I think does that, but it’s obviously also a major breach and it’s going to take a lot of effort. If we do rally from here, I think it’s probably only a matter of time before we see the sellers come back in.
The 50-Day EMA sits just below the $1750 level, an area that has been important a couple of times in the past. That being said, I think the market is likely to continue seeing a lot of volatility, so pay close attention to the negative correlation between this market and the US dollar, as well as interest rates in the United States. At this point it looks like we are knocking on the door of a significant breakdown to the $1500 leve so I don’t have any interest in buying, at least not until central bank policy changes.
Gold Price Predictions Video for 23.09.22
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