Gold Price Forecast – Gold Markets Hit $1800 Before Bouncing
Gold Market Technical Analysis
Gold markets have fallen a bit during the trading session on Friday to reach the $1800 level, which was my longer-term target. Quite frankly, we got there much quicker than I had anticipated, and therefore am waiting to see whether or not we get a bounce that shows signs of exhaustion. If we bounce from here, it is likely that we would see the 200 Day EMA offer a bit of resistance. It is currently at the $1858 level. This is an area that I think would cause quite a bit of noise, and as long as we stay below that level, it is likely that we will continue to short any signs of exhaustion.
If we break down below the bottom of the candlestick for the Friday session, then it is possible that the bottom falls out and we go much lower. That would be a massive move and could open up gold to reach down to the $1750 level. Alternately, if we did break above the 200 Day EMA, I still think there is a lot of noise between there and the 50 Day EMA which is sitting at the $1900 level. Either way, I have no interest in trying to buy gold, at least not until the US dollar cools off a bit.
I will be paying attention to the bond markets as well, and it is probably worth mentioning that yields may or may not continue to go higher. If they start to fall a bit, that should help gold rally a bit as well.
Gold Price Predictions Video 16.05.22
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