Gold Price Forecast – Gold Markets See a Relief Rally

Gold Market Technical Analysis

Gold markets have rallied a bit during the trading session on Wednesday as it looks like we are trying to react to the ECP surprise meeting. If they are in fact going to pivot a bit more dovish suddenly, then should be good for gold, but perhaps in terms of euros, not necessarily dollars.

Furthermore, the Federal Reserve has an interest rate announcement later in the day, so it does look like we are going to continue to see noisy behavior, and therefore I would anticipate that eventually gold gets stepped on as well.

Underneath, we have the $1800 level offering support, right along with a major uptrend line. If we were to break down through those levels, then I think it’s likely that the gold market falls rather significantly. At this point in time, the market is going to continue lower based on the “H pattern” that I see on the chart, but you have to keep your mind open to all possibilities.

The upside would be possible, but it’s going to be difficult to see this market break above the $1880 level. If we break above the $1880 level, then it’s likely that we go looking to the $1900 level, possibly even the $2000 level.

All things being equal, this is a market that I see a lot of noise in, and I think that the most important thing to pay attention to is the fact that there is a lot of volatility and therefore you need to be very cautious with your position size. From a longer-term standpoint, you could suggest that we may be in the midst of trying to make a bit of a “double bottom”, but that remains to be seen.

Gold Price Predictions Video 16.06.22

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