Gold Price Forecast – Gold Hanging on for Dear Life

Gold Market Technical Analysis

Gold markets have plunged during the Thursday session to pierce the $1700 level. This is an area that of course attracts a lot of attention, but it should be noted that the support in this region extends down to the $1680 level. If we were to break down below the $1680 level, it’s likely that the gold market will fall rather rapidly. This is an area that has been important for several years, so it obviously will put up a significant fight.

In the short-term, it looks as if every time we rally you should be looking at this as a selling opportunity at the first signs of exhaustion. Keep in mind that a lot would have to change in order for this market to change its overall attitude, so I’m looking at this as a situation where you are looking to fade rallies, but if we were to break above the 50-Day EMA, we could make a run to the $1800 level. We would also need to see the US dollar get hammered at the same time, and of course, rates start to fall.

I don’t see that happening, and the retail sales number coming out much stronger than anticipated has people thinking that the Fed will have to remain very tight. Because of this, it is yet another signal that the greenback will continue to be strong, and that of course works against the value of gold. At this point, this is a situation where I don’t think we are going to be able to recover very easily. In fact, this reminds me very much of the Australian dollar, which is also ready to break major support.

Gold Price Predictions Video for 16.09.22

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