Gold Price Forecast – Gold Ready to Retest Former Support

Gold Market Technical Analysis

Gold markets have pulled back just a bit during the trading session on Thursday, but then turned around to show signs of life again. It’s worth noting that the $1680 level above is significant noise, as it had been so supported in the past, therefore we are getting ready to retest this breakout. If we show any signs whatsoever of exhaustion in that area, I am more than willing to start selling again. This is a situation that the markets will have to pay close attention to, and if we can break down below the bottom of the candlestick for the trading session on Thursday, then I think the market probably drops back down to the lows.

We are getting relatively close to the previous support level, so I would be all over that exhaustion if we do in fact see it appear. This might be a situation where you are trading next week based upon that, but at this point in time I’m looking for any signs of exhaustion to pay close attention to. This will be especially true of the US dollar starts to pick up again, but the US dollar is a little overbought so across the world we are seeing a little bit of a change in attitude for the short term. I don’t necessarily think that this is the end of the bullish run for the US dollar, so a little bit of perspective is probably needed at this point. The $1680 level will continue to be very important, so pay close attention that area and let the market tell you where it’s appropriate to start selling again.

Gold Price Predictions Video for 30.09.22

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