Gold Price Forecast – Gold Markets Get Slammed on Thursday

Gold markets have gotten hammered during the trading session on Thursday quite drastically, as we have sliced through the $1800 level, the 50 day EMA, and the 200 day EMA. That being said, did you know that 71% of the time a security dips below the 50 day EMA, it actually turns around in the next 30 days and ends up being much higher? In other words, moving averages can only tell you so much.

Gold Price Predictions Video 07.01.22

Nonetheless, it looks as if the $1785 level is trying to offer a bit of support as it has in the past, so that is essentially what I am paying the most attention to. If we can stay above there, then I do think that gold has a chance to recover a bit, as interest rate sensitivity will come into play sooner rather than later. We have the jobs number coming out on Friday, so you should keep that in the back of your head as it will almost certainly throw the US dollar around.

If we do break down from here and clear below the $1785 level, then I think we go looking towards the $1765 level underneath which has been supportive. If we can turn around and break above the $1800 level, then I think that is your clue as to whether or not gold will recover. At that point, I think that we could probably go looking towards the $1825 level above which has been resistance multiple times over the last couple of weeks. Either way, I think the most likely of outcomes will be a bit of sideways action, but we have a handful of levels that we can pay close attention to in order to get directionality right.

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