Gold Price Forecast – Gold Markets Get a Significant Bounce

Gold Market Technical Analysis

Gold markets have rallied quite significantly during trading on Thursday to show signs of life again. That being said, we still have the 200 Day EMA above that could cause a little bit of technical resistance, but if we start to see bond yields drop in the United States, gold might be the first place money runs to. That being said, gold markets will more than likely remain volatile going forward, and therefore I think it is a bit difficult and dicey to say the least to go in with a huge position.

If we can break above the 200 Day EMA, that would justify a certain amount of technical buying, and of course would attract a lot of attention in general. In that scenario, I would anticipate that the market continues to find plenty of buyers, but you need to keep an eye on the 10 year yields in America, because if they start to fall, that could give gold the booze that it needs. Ultimately, this is a market that is trying to figure out what is going on with the $1800 level, as it has been a major level multiple times, so it will be interesting to see if it continues to hold as support. If it does, we may have just found the bottom.

On the other hand, if we break down below the Monday candlestick, it would be extraordinarily bearish, opening up a flood gate of sorts, and probably accelerating the downside quite rapidly. In that scenario, the $1750 level would be targeted, followed by the $1700 level. At this point, you need to be very cautious with your position size until we get confirmation.

Gold Price Predictions Video 20.05.22

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