Gold Price Forecast – Gold Markets Have Gone Back and Forth During the Trading Session

Gold Market Technical Analysis

Gold markets have gone back and forth during the trading session on Wednesday as the gold markets are dealing with a wild bond market. The bond market has shown interest rates going higher during the day, so therefore it makes quite a bit of sense that we continue to see gold pulled back a bit. Ultimately, this is the market that I think has a lot of negativity out there, because the US dollar is starting to act like a wrecking ball again.

At this point, the pullback makes quite a bit of sense, but the question now is whether or not it will be a significant pullback, or if this is a short-term pullback. I would anticipate that the $1775 level could offer a little bit of support, followed by the $1750 level. However, if yields continue to climb in the United States, it does make a significant amount of sense that we would see gold fall quite a bit. In fact, if we give up the $1750 level, we are more likely than not to test the bottom again. That is closer to the $1685 level.

On the upside, if we can clear the 200 Day EMA, then it’s possible that we could continue the bullish run. Right now, that does not look very likely, and it certainly won’t be happening as long as yields in America continue to rise. At this point, I think that gold is due for a bit of a slump, so now we need to watch and see just how bad it’s going to be over the next several days.

Gold Price Predictions Video for 18.08.22

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