Gold Price Forecast – Gold Market Continues to Flirt With a Major Moving Average
Gold Market Technical Analysis
Gold markets have been rather quiet during the day on Thursday as we wait for the jobs number on Friday. This does make quite a bit of sense, considering that the market has been quite drastic to the upside over the last couple of weeks, and of course momentum eventually runs out. Ultimately, this is a market that I think needs to pull back at the very least in order to show signs of stability underneath and turn things around. The 50-Day EMA is a widely followed indicator, so does make a lot of sense that we could see that offer a short-term ceiling.
Underneath, the $1700 level could be an area of support, followed by the $1680 level, an area that has been important multiple times in the past, although it was broken through recently. Regardless, this is going to come down to the US dollar and interest rates. If the US dollar goes up, right along with interest rates in the United States, then gold will almost certainly struggle.
On the upside, the $1750 level offers a bit of resistance, and a break above there could have this market looking toward the 200-Day EMA, currently at the $1793 level and dropping. I do not think it’s going to be an easy move, and if there’s anything in the jobs number that has people believing the Federal Reserve will remain tight, gold will probably get hammered as the dollar will continue to rally. I don’t like the idea of buying gold, at least not yet, as we need to get the situation with the bond market sorted out before putting serious money to work.
Gold Price Predictions Video for 07.10.22
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