Gold Price Forecast – Gold Markets Give Up Early Gains

Gold Market Technical Analysis

Gold markets rallied a bit during the trading session on Tuesday but gave back gains near the $1820 level. The market forming this candlestick does show just how much there is in the way of negativity in this market. Pay close attention to the US dollar, because it shows a significant negative correlation to this market. If we break down below the bottom of the candlestick, the market is likely to drop down to the $1775 level. If we break down below that level, then the $1750 level will more likely than not end up being a nice target.

On the upside, if we were to break above the 200-Day EMA, then it’s likely that we could go to the $1875 level. Ultimately, this is a market that I think will continue to be noisy and move not only based on the US dollar but the interest rate markets as well. Ultimately, this is a market that I think will continue to see a lot of noisy behavior in it, but as we are near an area where we had a lot of “market memory” in this scenario at this level, it does make a certain amount of sense that we have a bit of a pullback. Whether or not gold sells off drastically is a completely different question, but a pullback makes so much sense.

If we do break above the 200-Day EMA, it could change a lot of things, and you would need to pay close attention to the bond markets to see where interest rates are going. After all, higher interest rates are like kryptonite for gold, so be cognizant of both markets. If the bond markets continue to show lower yields, while we break above the 200 Day EMA, that would be a very bullish turn.

Gold Price Predictions Video for 17.08.22

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