Gold Price Forecast – Gold Continues to Wait for the Fed Meeting

Gold Market Technical Analysis

Gold markets have been very sideways during the trading session on Tuesday, as we are looking at this as a very important Federal Reserve meeting on Wednesday. It’s also worth paying close attention to the $1700 level, which is the beginning of massive support that extends down to the $1680 level. Obviously, we have recently bounced from there so it does make a certain amount of sense that we would see that level heavily defended.

When you look at the longer-term chart, it’s easy to see that a breakdown below the $1680 level could open up the trap door to the downside. This could send gold down to $1500 rather quickly, which is an area that has quite a bit of historical importance. If we do rally from here, we would have to break above the $1750 level in order to really get moving, and even at that point in time, we are likely to see the 50 Day EMA be tested, which is currently in the $1791 level. After that, you have the $1800 level which has a lot of psychology attached to it, and it’s also an area where we have seen a bit of a previous trend line. In other words, there is likely quite a bit of market memory in this general vicinity that could continue.

I believe that fading rallies at this point at the first sign of exhaustion will continue to be the way going forward, and therefore I’ll be looking for long wicks to the upside that I can jump on, and take quite a bit of advantage of.

Gold Price Predictions Video for 27.07.22

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