Gold Price Forecast – Gold Markets Continue to Consolidate Below the 200 Day EMA

Gold Market Technical Analysis

Gold markets have initially tried to rally to get a footing underneath the 200 Day EMA during the trading session on Thursday. However, we have pulled back from the 200 Day EMA to show that the indicator will be paid close attention to, and therefore it makes quite a bit of sense that we would see the gold market eventually break lower. We have been going sideways for a while, and it seems we are trying to build up inertia for the next move. It is worth noting that we are below that 200 Day EMA, which is typically a negative situation.

If we break down below the week’s lows, we will likely go down to the $1800 level, given enough time. It will take a little bit of effort to make that happen, but it is clear that every time we rally, there are plenty of sellers out there willing to get involved. Because of this, I think it is only a matter of time before any short-term rally shows exhaustion that you can jump on. If we break above the 200 Day EMA, you look for the $1880 level offer resistance, or perhaps even the 50 Day EMA.

At this point, I am not convinced about the gold markets rallying for any significant amount of time until the US dollar comes down and we take out the $1900 level. That is $70 above, and while it is not an impossible move, it certainly would take multiple green days. A bit of caution goes a long way, but I still favor the downside.

Gold Price Predictions Video 13.05.22

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