Gold Price Forecast – Gold Markets Pull Back From the 50 Day EMA

Gold Market Technical Analysis

Gold markets have pulled back a bit from the 50 Day EMA during trading on Friday, as interest rates in America have risen again. By doing so, the market looks as if it continues to respect this indicator, as it has been both dynamic support and resistance over the last several months. At this point, the market is sitting on top of the 200 Day EMA, and therefore it makes quite a bit of sense that we have slowed down. Furthermore, there are a lot of questions as to where the Federal Reserve sits on the interest-rate question, which is a bit interesting due to the fact that they’ve been pretty steadfast in how they have approached speaking about it.

Looking at this chart, if we were to break above the 50 Day EMA, then it opens up fresh buying for the gold market. I do think that it is probably only a matter of time before we see more upward pressure, assuming that people continue to step in and buy bonds. The market will continue to be very noisy, but it’s interesting that the bond market has been leading the way going forward. Ultimately, I think that if we continue to see yields drop in America over the longer term, then the bond market will push the gold market higher.

Furthermore, we also have to worry about whether or not there is risk appetite. If there is not risk appetite, it does make a significant amount of bullish pressure jump into this market as well. At this point, if we break above the 50 Day EMA, it’s likely that we will look to reach the $1900 level. On the other hand, if we break down below the candle from the Wednesday session, then I think the market is likely to go looking to reach the $1800 level underneath.

Gold Price Predictions Video 06.06.22

For a look at all of today’s economic events, check out our economic calendar.