Gold Price Forecast – Gold Markets Give Up Early Gains

Gold Price Predictions Video for 06.12.22

Gold Market Technical Analysis

Gold markets have rallied quite significantly at the open on Monday, but then turned around as we hit the top of the previous resistance area that I have circled in purple. Ultimately, this is a market that I think may have to pull back a little bit in order to build up enough momentum, and maybe even go down to the 200-Day EMA, where the bottom of the gap currently is. If we can see buyers in that area, then it will stabilize the uptrend and we may be able to continue to go higher, perhaps even finally breaking out.

On the other hand, you are going to have to pay close attention to the US dollar, which is recovering a bit during the day, as well as the interest rates coming out all the bond market. The market continues to be very noisy in general, so therefore it makes a lot of sense that we would see a pullback from these extremes. If we were to break down below the $1750 level, then it will show that the breakout was in fact false. However, the market could very well offer up a nice “buy the dip” opportunity over the next several sessions.

We also have the FOMC meeting next week that will have an outsized influence on what happens next as well, so keep in mind this pullback could also be a bit of people taking profit ahead of that crucial announcement, so that al aligns quite nicely. I don’t think that the uptrend is over, I just think that we need a little bit of a breather in the short term.

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