Gold Price Forecast – Gold Markets Continue to Question the Next Move

Gold Market Technical Analysis

Gold markets continue to be very noisy, as we have a lot of crosscurrents around the world. Keep in mind that the bond markets have been all over the place as well, so if we continue to see rates fall, that’ll be good for gold, and vice versa. Also, pay close attention to the US dollar, it always has its say here as well. Keep in mind that the gold markets are priced in US dollars, so it does make a certain amount of sense that if the value of the dollar rises, it will take less of those dollars to buy an ounce of gold.

The 200 Day EMA in the futures market is sitting at the $1829 level and is relatively flat. I think this could be a bit of a barrier if we do rally, and regardless of what happens next, it’s very likely that we will see a lot of choppy and noisy trading. Because of this, you will need to be very cautious about your position sizing, but that’s probably always going to be the case in any commodity market when we have a lot of concerns about global growth and recessionary fears.

If we break back down below the 50 Day EMA, then it’s likely that the market could go down to the $1750 level, which would be a nice retracement. At this point, it certainly looks as if gold is more bullish than bearish, but I would also point out that we are still very much in a downtrend, at least at this point. When you are stuck between the 50 Day EMA and the 200 Day EMA, it can kick off a lot of contradicting signals, and therefore volatility.

Gold Price Predictions Video for 12.08.22

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