Gold Price Forecast – Gold Market Rally Into Fed Meeting

Gold Market Technical Analysis

Gold markets have shown themselves to be rather positive during the trading session on Tuesday as we head into the Federal Reserve meeting. A lot of this may be traders trying to get ahead of the announcement, perhaps speculating that the Federal Reserve will soften its stance, but I would not hold my breath on that.

Because of this, I’ll be looking for selling opportunities in this market as the interest-rate situation the United States is almost certainly getting tighter, not looser. In this environment, gold does not tend to fare well. This is especially true as the US dollar has strengthened so much, and although it has pulled back as of late, the reality is that the US dollar is still very strong.

With this being the case, I suspect that we are going to be looking at a move back down, perhaps down to the $1620 level, an area that has been important enough to form a little bit of a short-term “double bottom. In this scenario, I anticipate that we have a situation where if we break down below there, the bottom could fall out in the gold market, sending this thing plummeting.

Remember the gold is highly sensitive to a lot of different things, not the least of which is going to be interest rates, but also the general need for safety. We have been range bound and have been paying close attention to the $1680 level as resistance as of late, so that’s probably something worth paying attention to as well.

Gold Price Predictions Video for 02.11.22

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