Gold Price Forecast – Gold Markets Have a Choppy Tuesday Session

Gold Market Technical Analysis

Gold markets have gone back and forth during the trading session on Tuesday as traders came back to work in the United States. By doing so, the market looks likely to continue to hang around the 200 Day EMA. The 200 Day EMA is of course a very widely followed indicator that people will pay close attention to. By doing so, this causes a bit of natural tension in this area, and the fact that a previous couple of daily candlesticks have been a hammer and a shooting star, the action on Tuesday should not have been much of a surprise.

If we break down below the $1842 level, it’s likely that gold will pull back further in order to build momentum. If we break down below the $1800 level after that, then it becomes a very bearish market, and then it’s likely that gold will get hammered. This will almost certainly have something to do with everybody running toward the US dollar at the same time, but right now I do see the possibility where both could rise. Quite frankly, there are a lot of concerns out there that will continue to be a major issue, so we need to keep in mind that gold can also be used as a safe asset.

Breaking above the 50 Day EMA at the $1880 level opens up the possibility of a move above the $1900 level, followed by an attempt to get back to the $2000 level. A lot of this will come down to bond yields, so we need to pay close attention to what is going on in the US Treasury market.

Gold Price Predictions Video 01.06.22

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