Gold Price Forecast – Gold Markets Give Up an Early Gain

Gold Market Technical Analysis

Gold markets initially tried to rally during the trading session on Friday but gave back quite a bit of the initial gains. We are hanging around the 200 Day EMA, and therefore it’s likely that a lot of longer-term traders will be interested in the market right now and where it is going to go next. The 50 Day EMA is above and starting to slope lower, so that could come into the picture to offer a certain amount of technical and dynamic resistance.

Look at this chart, it’s also worth noting that the previous candlestick was a hammer, so it does suggest that we are in an area of confusion. This tells me that the market has no real interest in trying to move right away, but sooner or later we will get a significant candlestick that can tell us which way to trade. Keep in mind the gold is getting a little bit of a bounce due to the fact that bonds are getting a bid, driving yields back down in America. Lower yields will help the gold market, so at this point, it makes sense that if traders go back into bonds, they will more likely than not go back into gold. If we can take out the highs of this past week, then it’s likely that we could go to the upside.

If we break down below the bottom of the hammer from the Thursday session, it’s possible we may have to go back down to the $1825 level. The $1800 level underneath there is the next major support level.

Gold Price Predictions Video 30.05.22

For a look at all of today’s economic events, check out our economic calendar.