Gold Price Forecast – Gold Markets Continue to Threaten Resistance

Gold Market Technical Analysis

Gold markets have rallied a bit during the session on Monday to test the $1800 level. This is an area that’s been important more than once, and it’s worth noting that the Friday candlestick has formed a massive shooting star. The shooting star on Friday should be a sign of just how tough it’s going to be to break out above here, but if we were to fail from here, then it should open up a nice opportunity for traders to get involved and start shorting again. Furthermore, we have the 50 Day EMA above offering resistance as well.

The $1750 level underneath could be a target if we break it down, and then of course the 200 Day EMA would be. Alternately, if we were to break above the 50 Day EMA, then it’s possible that we could go looking to reach the $1890 level, possibly the $1900 level. Anything above there then opens up another $100 down the road.

Pay close attention to the US dollar, and interest rates in America. If they continue to drop, that should be good for gold, opening up the possibility of a bigger move. Ultimately, we are likely to see a lot of noisy behavior more than anything else, so I do believe that it is probably only a matter of time before we have to make a bigger move. Either way, I think it’s going to be massive as far as where we go next, so you need to be very careful with your position size and understand that we could be getting ready to make a much bigger move.

Gold Price Predictions Video for 09.08.22

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