Gold Price Forecast – Gold Markets Continue to Struggle With Momentum
Gold Market Technical Analysis
Gold markets went back and forth during the course of the trading session, as Wednesday has seen more back-and-forth overall. We are sitting just above the 200-Day EMA, which of course is an indicator that a lot of people will pay close attention to. If we break back below it, then I think the market is ready to test the $1750 level, possibly even breaking that barrier to go down to the 50-Day EMA.
The 50-Day EMA sits just above the $1700 level, and is curling higher. The question now is whether or not the gold market has changed its overall attitude? I don’t know that’s going to be the case, because the US dollar is starting to show signs of recovering.
Nonetheless, if we break above the $1800 level, that would be just yet another bullish sign in gold. Interest rates are worth watching as well, because the 2 year interest rate, which is what the Federal Reserve focuses on, has not moved. It’s the 10 year yield that continues to fall. In other words, the market thinks one thing, but the Federal Reserve is doing another.
All things being equal, this is a market that probably needs to either go sideways and work off some of the froth, or perhaps pullback in order to find more buyers. I would anticipate that volatility is going to pick up rather quickly, but at the mean time it’s the market that is trying to figure out what to do next. Ultimately, this is a situation where we are trying to figure out where the momentum is, but at this point it looks like you are better off letting the market tell you where it’s going next.
Gold Price Predictions Video for 17.11.22
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