Gold Price Forecast – Gold Markets Pulled Back Slightly

Gold Market Technical Analysis

Gold markets have fallen a bit during the trading session on Wednesday as the 50-Day EMA has offered a little bit of dynamic resistance. It’s worth noting that the market was overbought, and if the US dollar starts to rally again, and it certainly looks as if it’s going to, it’s possible that we could see this market drop down to the $1700 level.

The $1750 level above is a significant resistance barrier, so whether or not we can break above there is a completely different question as to whether or not we can bounce around. Underneath, the $1680 level was a significant support level previously, going back quite some time. Because of this, I think it’s probably only a matter of time before we see this market selloff. If the US dollar continues to see strength, that will continue to weigh upon the gold market. I think at this point, gold is probably in an area that could be tasty for sellers, so given enough time on an exhaustion candle I will be more than willing to get short.

The recent rally has been overdone, so I do think that we will probably continue to see a little bit of hesitation if not selling pressure altogether. Ultimately, if we were to break above the $1750 level, we could get looking to the 200-Day EMA, but it is not likely to be easy to get above. Regardless, this is going to move right along in a negative correlation with the US dollar and the interest rates in America as is typically the case. These types of “V bottoms” almost always offer selling opportunities sooner or later.

Gold Price Predictions Video for 06.10.22

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