Gold Price Forecast – Gold Markets Give Up Early Gain
Gold Market Technical Analysis
Gold markets initially rallied on Wednesday but continue to struggle with the $1800 level. By doing so, the market looks very likely to continue to see a bit of hesitation, especially as the candlestick during the trading session on Tuesday was such a negative sign as well. Looking at this candlestick, it looks as if we may be trying to form a bit of a shooting star also. I think at this point it’s very likely that we pull back, something that I had suggested yesterday as we had reached a major area of “market memory” that a lot of people will be paying close attention to. With this, the market is likely to continue seeing more of a “fade the rally” type of attitude, at least in the short term.
Pay close attention to the bond market because interest rates in America continue to rise, which will work against gold quite drastically. Furthermore, a strengthening US dollar also has the same effect, so it’s worth paying attention to that as well. Over the longer term, I think this is a market that will continue to favor dropping back down to the $1750 level, as it was crucial resistant very previously, so I think it certainly makes quite a bit of sense that we would have to retest that area.
If we break back down below the $1750 level, then it’s likely that the gold market continues to drop, perhaps testing the $1680 level, where we had bells from previously. That is an area that’s crucial on longer-term charts, so we would have to pay special attention to that move.
Alternately, if we were to break above the $1815 level, then it’s likely the gold will grind its way higher, eventually changing the overall trend. We would need to see yields in America drop quite significantly, as well as perhaps the value of the US dollar.
Gold Price Predictions Video for 04.08.22
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