Gold Price Forecast – Gold Markets Pulled Back Waiting for CPI Figures

Gold Market Technical Analysis

Gold markets have fallen a bit during the trading session on Thursday as we continue to see a lot of noisy behavior, as we await the CPI figures coming out from the United States. The Friday announcement will give us a heads up as to how the inflation situation is going on in America and could give people an idea of what the Federal Reserve may do next. This obviously has a huge influence on what happens with the gold market and of course the bond market.

At this point, the market is likely to continue seeing a lot of volatility, but if we break down below the $1825 level, then it’s likely that the market goes to the $1800 level underneath. The $1800 level is where the uptrend line coincides from the last couple of years, so therefore I would anticipate a bit of support in error. If we were to break down below the $1800 level, it’s very likely that we would see quite a bit of downside.

On the upside, if we can break above the 50 Day EMA, then it’s likely that this market will open up the possibility of $1900, and then eventually the $2000 level. At this point, it comes down to whether or not the Federal Reserve looks likely to remain extraordinarily hawkish, or if the rate of inflation starts to slow down. At this point, it’s a mere guess as to where we could go, but it appears that the bond market is back to pricing in more hawkish in its during the Thursday session.

Gold Price Predictions Video 10.06.22

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