Gold Price Forecast – Gold Markets Continue to Sit at $1700

Gold Market Technical Analysis

Gold markets have done very little during the trading session on Wednesday as we continue to sit on top of the $1700 level. That being said, the market is likely to continue seeing a lot of choppy behavior and lackluster performance, as we are trying to decide whether or not this is a bottom, or if we can break down below the $1680 level. If we do that, then the bottom will fall out of this market, it’s likely that we will continue to see a lot of negative pressure.

In fact, if we do break down like that, I would anticipate that this market will go looking to the $1500 level over the longer term. The market breaking down below there would be catastrophic. On the other hand, we may rally to reach the $1750 level given enough time, but I think it’s also worth noting that there is a lot of noise there, and it’s going to be difficult to break above there. If we do, then the $1800 level gets challenged, or we also have a previous uptrend line in the 50 Day EMA. Breaking above that level allows for a significant recovery, and perhaps a trend change.

However, I do not expect to see that happen anytime soon, so I do believe that it is probably only a matter of time before any rallies get sold into as the US dollar has been like a wrecking ball against almost everything else out there. Ultimately, I think gold will continue to struggle until something changes drastically with monetary policy coming on the Federal Reserve, or some other such behavior.

Gold Price Predictions Video for 21.07.22

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