Gold Price Forecast – Gold Markets Have Rallied Yet Again Heading Into the Weekend
Gold Market Technical Analysis
Gold markets have rallied a bit during the trading session on Friday as it looks like we are threatening the 50 Day EMA again. Ultimately, this is a market that looks as if it is trying to recover due to the way people identify the shift in attitude from the Federal Reserve. Ultimately, this is a market that has had a nice correction, so now the question is whether or not it has enough momentum to continue going higher?
At this point, I believe that the $1800 level is crucial, right along with the 50 Day EMA. Ultimately, I think that if we do rally from here, we are going to have a big fight on our hands. We will have to pay close attention to interest rates in America, which are falling at the moment, lifting gold quite nicely. However, we are getting a little overdone so it’ll be interesting to see whether or not we can continue to go to the upside. This will come down to interest rates in America more than anything else, so pay close attention to the 10-year note.
If the 10 year note starts a selloff again, that could be negative for gold as yields will rise. That being said, I don’t necessarily think it’s going to happen easily. The question then becomes whether or not the market got the statement coming out of the Fed completely wrong. If it did, we are going to see a violent backlash at this point and watch this market come undone. I don’t necessarily expect that, but it is a potential set up waiting to happen.
Gold Price Predictions Video for 01.08.22
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