Gold Price Forecast – Gold Markets Continue to See Volatility

Gold Market Technical Analysis

Gold markets have plunged initially during the session on Friday, as inflationary numbers came out much hotter than anticipated. That being said, we have turned around to show signs of life again, and now it looks like we are going to continue to stick to the 200 Day EMA. At this point, the market continues to look at the consolidation area as a home, between the $1875 level on the top, and the $1830 level on the bottom.

This is an interesting move because the US dollar spiked in value, which of course put a lot of pressure on gold, but later in the day we started to see yields drop a bit, and that, of course, helped gold. At this point, we need to see a breakout of this range to have a trade with any type of certainty attached to it, unless of course, you are a short-term range-bound trader. If you are a short-term range-bound trader, you probably love this type of environment.

If we do break down below the bottom of the candlestick for the session on Friday, that would be a very negative sign and open up the possibility of challenging the major trend line that sits just below. The $1800 level will attract a lot of attention in and of itself, so I think that’s an area where you would see a huge fight.

On the other hand, if we do break above the 50 Day EMA and the $1875 level, then it opens up the possibility of the $1900 level, and then eventually the $2000 level.

Gold Price Predictions Video 13.06.22

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